If at this point you really need a car for your mobility while you do not have enough money to buy it in cash, then the options that you can do is to get the car loan. Before you apply car loan, it helps if you first calculate how much your ability for car loan:
1. Know the basics of auto loan
Before you decide to apply car loan, it is better if you know the basics of car loan. Usually the monthly payment for the car loan should not be more than 20% of your income, because there are other needs besides car loan you must meet, in addition you will need other expenses like car insurance and car maintenance costs. If the monthly payment is more than 20%, then this could cause trouble for you. Many financial advisors believe that buying a car is not a good investment, because the value of the car will drop each year and you will spend some of your money for your car.
2. Determine what kind of car you want
The second thing to be taken into account when calculating your auto loan is a type of car you want. You need to know how much money you can use for your car loan without having to disturb your needs every month. Maybe this time you will not get the car of your dreams, but at least you will be permitted to move by having an own car. If at any time you have enough money, there you could buy another car to your liking. Type of car you choose will determine your next expenses. There are some cars that cost a lot more to maintenance than other types. Besides, the type of car will also determine how much money you must pay for your car insurance. If you decide to buy a new car, the warranty will cut your spending more than if you buy a used car.
3. Calculate auto loan payments
To calculate how much your monthly payment to pay off your car loan depends on how large a down payment you have, how much the interest rate offered by banks, terms of loan you get and how much price of the car you want to buy. By providing a larger down payment, then this will mean that your monthly payment will be smaller.
In addition to the above, the price of gasoline can also be a consideration when you decide what kind of car would you buy and also to calculate your auto loan. Make sure you always think realistically when you determine what kind of car would you buy and choose a car that is not going to spend a large portion of your income every month.
Rabu, 31 Juli 2013
Selasa, 30 Juli 2013
Things to know To Find Loan Refinance Rates
Do you always get that your income and expenses each month are always out of balance?? For people who are having an unstable economy, there are some additional funding on each months will be very significant. Well, here are some things you should know if you are currently considering doing a major refinancing loan or a mortgage.
With the current economic situation, you need to remember that not all companies provide the best interest for you. Lots of fraud because many people are ill-informed. Besides a lot of fast talkers that will only give you very low quote and many loan officers that are not experienced that eventually there will be no idea what to do next. When you have found a suitable company, you should first check if they are certified and legal.
Another best thing you can do is to seek information from friends or co-workers about their experiences on the loan companies they've dealt. Ask them to tell you about the response, rates, selection and service. In addition, the service after borrowings also need to make considerations. What is the attitude when representatives contacting their about issues such as late payment, updating loan etc.. With this information you will get the best advice on which loan companies would you choose
Then you need to find and compare any type of loans available. Each type of loan has rates and qualifying points that are different from each other. In addition, the your credit score also need to consider when you are looking for a refinance loan rates. The higher your credit score, then you will get the better loan types and rates. Qualified lenders will be able to provide average rates for any type of loans available to you. The many types of loans available today, making any refinancing information you get from the website calculator uses the most common loans that may suit you. If you have a different situation, it helps you meet and talk directly with a representative from the mortgage companies to discuss about the situation you have.
Lastly, you need to find information about the Better Business Bureau. If the company gets a lot of complaints, you can make this possible indicator to not use them for refinancing loan. To be sure, if you are not comfortable with a company and they give offers to you, then you are entitled to not take it.
With the current economic situation, you need to remember that not all companies provide the best interest for you. Lots of fraud because many people are ill-informed. Besides a lot of fast talkers that will only give you very low quote and many loan officers that are not experienced that eventually there will be no idea what to do next. When you have found a suitable company, you should first check if they are certified and legal.
Another best thing you can do is to seek information from friends or co-workers about their experiences on the loan companies they've dealt. Ask them to tell you about the response, rates, selection and service. In addition, the service after borrowings also need to make considerations. What is the attitude when representatives contacting their about issues such as late payment, updating loan etc.. With this information you will get the best advice on which loan companies would you choose
Then you need to find and compare any type of loans available. Each type of loan has rates and qualifying points that are different from each other. In addition, the your credit score also need to consider when you are looking for a refinance loan rates. The higher your credit score, then you will get the better loan types and rates. Qualified lenders will be able to provide average rates for any type of loans available to you. The many types of loans available today, making any refinancing information you get from the website calculator uses the most common loans that may suit you. If you have a different situation, it helps you meet and talk directly with a representative from the mortgage companies to discuss about the situation you have.
Lastly, you need to find information about the Better Business Bureau. If the company gets a lot of complaints, you can make this possible indicator to not use them for refinancing loan. To be sure, if you are not comfortable with a company and they give offers to you, then you are entitled to not take it.
Senin, 29 Juli 2013
How To Refinance your Car Loan with ease
Actually, car loan refinancing activity is pretty easy to do. It's just that you need to make decision before you do this, whether you will increase your loan amount or you will extend your repayment period.
Apart from the above two decisions you will take, you should find information on whether the book value of your vehicle is worth. You can visit websites such as Kelly Blue Book that can help you determine what the book value of your vehicle. When you fill out the form, try to fill it with accurate data. To determine the choice of what options you have on your vehicle are usually the banks will use your vehicle ID number (VIN).
You may choose to refinance to extend the time of payment if you have previously paid your existing loan some time and want to get a lower monthly payment. However, choosing this option it actually means that you will pay more money for your long-term, although it seems you get a lower monthly payment and a lower interest rate than before.
It is different if you are looking to refinance to get a better interest rate, this would be a smart choice and will save you money. You can do this by selecting the same term with the time left to make payment.
car loan refinance is different from mortgage loan, refinancing a car loan usually does not require documentation fee. So, the thing that really needs to do is how to get a better interest rate. There are several places that you can use to find new lenders, among others:
1. Banks
2. Credit union
You need to check whether the credit union you choose can provide a lower interest rate if you have more than one service with them.
3. Online lenders
4. Human Resource department at your company
You might consider this option because at some companies usually have the specific agreement with lenders to offer their employees an additional deduction rates.
5. Various membership Organizations
Examples of these options such as AAA, AARP and retailers like Coctco. Usually they offer a rate reduction on a particular lender.
The most important thing you should have when you refinance your car loan is whether you have enough value in your vehicle or not. Therefore you need to know whether the blue book value of your vehicle. For example, if your vehicle now has a value of $15,000 and you still have a $20,000 loan, then you might find it difficult to refinance your car loan. Maybe you can still find some lenders willing to refinance your car loan, but your options will be very limited and you may not be able to get the best interest rate. So, you need to research and find information first and know your facts like the blue book value.
Apart from the above two decisions you will take, you should find information on whether the book value of your vehicle is worth. You can visit websites such as Kelly Blue Book that can help you determine what the book value of your vehicle. When you fill out the form, try to fill it with accurate data. To determine the choice of what options you have on your vehicle are usually the banks will use your vehicle ID number (VIN).
You may choose to refinance to extend the time of payment if you have previously paid your existing loan some time and want to get a lower monthly payment. However, choosing this option it actually means that you will pay more money for your long-term, although it seems you get a lower monthly payment and a lower interest rate than before.
It is different if you are looking to refinance to get a better interest rate, this would be a smart choice and will save you money. You can do this by selecting the same term with the time left to make payment.
car loan refinance is different from mortgage loan, refinancing a car loan usually does not require documentation fee. So, the thing that really needs to do is how to get a better interest rate. There are several places that you can use to find new lenders, among others:
1. Banks
2. Credit union
You need to check whether the credit union you choose can provide a lower interest rate if you have more than one service with them.
3. Online lenders
4. Human Resource department at your company
You might consider this option because at some companies usually have the specific agreement with lenders to offer their employees an additional deduction rates.
5. Various membership Organizations
Examples of these options such as AAA, AARP and retailers like Coctco. Usually they offer a rate reduction on a particular lender.
The most important thing you should have when you refinance your car loan is whether you have enough value in your vehicle or not. Therefore you need to know whether the blue book value of your vehicle. For example, if your vehicle now has a value of $15,000 and you still have a $20,000 loan, then you might find it difficult to refinance your car loan. Maybe you can still find some lenders willing to refinance your car loan, but your options will be very limited and you may not be able to get the best interest rate. So, you need to research and find information first and know your facts like the blue book value.
Minggu, 28 Juli 2013
Things you need to know to get a personal loan after bankruptcy easily
Are you recently or have filed for bankruptcy and now you need a personal loan. In fact it can improve your credit score. It can happen as long as you always pay on time and it will help you to rebuild your credit. That's way, it's highly important for you to know how much personal loan you can manage and where you can get it. Below are a some things that might help you to get a personal loan after bankruptcy:
1. You should ensure that you have completed the application for bankruptcy
Before applying for a personal loan make sure that your application of bankruptcy has been completed in the process because most financial institutions will not accept your loan application if it is not yet fully processed. And of course you have to be honest and forthright in providing information and data, and if necessary, you can explain that you now have to learn from the financial mistakes you have done in the past and you will learn how to manage finances and pay off all the payments. This will help your application to be accepted.
2. Consider taking a secured loan or payday loan
Called secured loans because these types of loans require collateral, such as home or car. Until your payment in full, the deed will continue to be held by lenders.
3. Choose a payday loan if yu need a small loan
Usually this type of loan is very easy to obtain as long as you have a job, an active bank account and have a monthly salary. And for this type of loan does not require a credit report. Even so, payday loans usually have a pretty high interest rate. Some of these payday loan you can consider --Team Quick Cash, 100 Day Loans and Think Cash-- you can visit their website and choose which ones offer the best interest rate for you.
4. Choose the right time
Usually bankruptcy will stay on your report up to 10 years. It would be better if you apply for a personal loan at the end of the period. You can find information on the best rates on bankruptcy lenders. Very rarely people with bankruptcy can get a loan on a regular financial institution. So, it helps if you consider to apply for a loan at a specific lenders which provide loan for people with bad credit or people declared bankruptcy. On the website legalhelpers.com you can find a list for lenders of this type. In addition, you should make sure how much the interest rate offered, read the fine print carefully and whether the loan has an additional cost.
For the record, perhaps you have a bad credit, you do not need to be pessimistic because there is always the best choice for the situation you are currently experiencing. All you have to do is set up a strategy on how you can pay if you are really going to apply a personal loan and how you can be on time to pay after the loan is accepted, then it can help improve your credit score and help you to rebuild your credit.
1. You should ensure that you have completed the application for bankruptcy
Before applying for a personal loan make sure that your application of bankruptcy has been completed in the process because most financial institutions will not accept your loan application if it is not yet fully processed. And of course you have to be honest and forthright in providing information and data, and if necessary, you can explain that you now have to learn from the financial mistakes you have done in the past and you will learn how to manage finances and pay off all the payments. This will help your application to be accepted.
2. Consider taking a secured loan or payday loan
Called secured loans because these types of loans require collateral, such as home or car. Until your payment in full, the deed will continue to be held by lenders.
3. Choose a payday loan if yu need a small loan
Usually this type of loan is very easy to obtain as long as you have a job, an active bank account and have a monthly salary. And for this type of loan does not require a credit report. Even so, payday loans usually have a pretty high interest rate. Some of these payday loan you can consider --Team Quick Cash, 100 Day Loans and Think Cash-- you can visit their website and choose which ones offer the best interest rate for you.
4. Choose the right time
Usually bankruptcy will stay on your report up to 10 years. It would be better if you apply for a personal loan at the end of the period. You can find information on the best rates on bankruptcy lenders. Very rarely people with bankruptcy can get a loan on a regular financial institution. So, it helps if you consider to apply for a loan at a specific lenders which provide loan for people with bad credit or people declared bankruptcy. On the website legalhelpers.com you can find a list for lenders of this type. In addition, you should make sure how much the interest rate offered, read the fine print carefully and whether the loan has an additional cost.
For the record, perhaps you have a bad credit, you do not need to be pessimistic because there is always the best choice for the situation you are currently experiencing. All you have to do is set up a strategy on how you can pay if you are really going to apply a personal loan and how you can be on time to pay after the loan is accepted, then it can help improve your credit score and help you to rebuild your credit.
Sabtu, 27 Juli 2013
Military Payday Loan | Ways on How a Payday Loan Helps those in the Military
One type of loan that is widely used is the Payday loan. Payday loans are also commonly referred to as cash advances. This type of loan you can use to cover the costs you need until your payday arrives. Military payday loans are one type of payday loan that is devoted to the people who work in the military. If you are a military personnel who was in need of funds quickly, then this type of loan will help you.
Below are some payday loan's ways to help people in military:
1. Some conditions for military payday loans
There are some circumstances where you can take advantage of military payday loans, for example, when you have a sudden expense that you did not foresee, when your monthly salary could not support some of the bills that must be paid or when your budget can support the cost of your medical emergency.
2. The advantages to the military from this loan
There are many benefits that can be obtained by military personnel when they apply military payday loans, as some discounts and you do not need to wait for your monthly paycheck to be able to pay them. The process to apply military payday loans is very easy and you can do it online. If you have met all the requirements and you are a great candidate for this loan, then you will be able to get money immediately up to 24 hours.
3. Qualifications needed
To be able to get a military payday loans, you should at least be an active and has worked in the military at least 3 months.
4. The number of loans granted
The number of loans granted to each military personnel can be different from another. It depends on place where they apply military payday loans. You can get a loan of $100.00 up to about $10,000.00 with this loan. You can use this money to pay your mortgage, tuition for your children, your family health care etc.. In addition, you can also have payment terms to suit your situation.
Some of the above are the ways of military payday loan to help people who work in military. If you are a military personnel and plan to apply military payday loan, you should compare some benefits and payment plan that you get from some loan companies. It is need to do so that you can get the best deal and to prevent you from having to pay interest rates that are too large. Even so, it is recommended that you take a military payday loan if you really need the cash quickly. And of course it would be better if you always set aside some of your salary for savings and to use them when you have a sudden need.
Below are some payday loan's ways to help people in military:
1. Some conditions for military payday loans
There are some circumstances where you can take advantage of military payday loans, for example, when you have a sudden expense that you did not foresee, when your monthly salary could not support some of the bills that must be paid or when your budget can support the cost of your medical emergency.
2. The advantages to the military from this loan
There are many benefits that can be obtained by military personnel when they apply military payday loans, as some discounts and you do not need to wait for your monthly paycheck to be able to pay them. The process to apply military payday loans is very easy and you can do it online. If you have met all the requirements and you are a great candidate for this loan, then you will be able to get money immediately up to 24 hours.
3. Qualifications needed
To be able to get a military payday loans, you should at least be an active and has worked in the military at least 3 months.
4. The number of loans granted
The number of loans granted to each military personnel can be different from another. It depends on place where they apply military payday loans. You can get a loan of $100.00 up to about $10,000.00 with this loan. You can use this money to pay your mortgage, tuition for your children, your family health care etc.. In addition, you can also have payment terms to suit your situation.
Some of the above are the ways of military payday loan to help people who work in military. If you are a military personnel and plan to apply military payday loan, you should compare some benefits and payment plan that you get from some loan companies. It is need to do so that you can get the best deal and to prevent you from having to pay interest rates that are too large. Even so, it is recommended that you take a military payday loan if you really need the cash quickly. And of course it would be better if you always set aside some of your salary for savings and to use them when you have a sudden need.
Jumat, 26 Juli 2013
How to calculate your Loan to Value (LTV) Ratio | Real estate and car loan
LTV or Loan to value is a number that indicates the ratio of a person's eligibility for a loan. LTV also will determine how much charge of a loan, fee that accompanies the process of borrowing and other costs associated with the loan. Value of LTV will also determine whether you will have to pay insurance toward mortgage or not.
To calculate your LTV ratio, first you must determine whether you will take out loans to buy real estate properties, to buy a new car, to buy a truck, to establish a new business or to purchase other items that make you have to submit a loan. After you specify one, then you can proceed by performing the following steps:
- Loans for the purchase of real estate property -
Step 1
Find information about the market value of the property you want to buy. You can get the market value of the property by contacting the seller on the same area for similar properties, check the market value via the internet in real estate website or you can determine market value by looking for information about this on the daily newspaper that has a column about the market value of property.
Step 2
The next step is to determine the value of the property. In general, loan company or institution will be advised appraisers for you. You can pick one appraiser of several recommended by the loan company to get the property appraised. Appraiser will assess the property based on current market conditions and based on the impact of market conditions in the future or during the term of the loan. In some cases, you will get the same value between the approximate value of the loan company and a professional person before determining how much actual value.
Step 3
Lower value of the appraised or market will be used for the purpose of calculating your LTV ratio. And lenders will assess objectively at your income, existing liabilities, current assets, your expenses and your repayment capacity then they will determine the maximum loan amount appropriate for you based on whether you are an employed or in business. Most of the value of the loan you will receive is usually equal to or less than the approved value and will be balanced with your ability to pay in the present and in the future.
The formula to get the LTV ratio is:
LTV ratio = loan amount approved from lenders / lower of the market or appraised value
If the results of your ratio is 1, then you will get a loan 100% of property value. And if your LTV ratio is 0.5, then you will get a loan of 50% of the property value and the remaining 50% will be a nominal of your down payment you have to pay.
- Loans to buy a car (Car loan)-
The first thing you should do is determine what kind of car you want to buy. If the car company and the lender is different, then you should get a quote from the car company about the value of car you want to buy and then submit the quote together with the details of your income to the lender.
The formula to get the LTV ratio is:
LTV ratio = approved loan value / value of the car
This formula also can use for other types of vehicles such as trucks, cabs etc..
- Loans for the purchase of other items -
To calculate your LTV ratio in order to purchase other items you can do by following the steps described above....
To calculate your LTV ratio, first you must determine whether you will take out loans to buy real estate properties, to buy a new car, to buy a truck, to establish a new business or to purchase other items that make you have to submit a loan. After you specify one, then you can proceed by performing the following steps:
- Loans for the purchase of real estate property -
Step 1
Find information about the market value of the property you want to buy. You can get the market value of the property by contacting the seller on the same area for similar properties, check the market value via the internet in real estate website or you can determine market value by looking for information about this on the daily newspaper that has a column about the market value of property.
Step 2
The next step is to determine the value of the property. In general, loan company or institution will be advised appraisers for you. You can pick one appraiser of several recommended by the loan company to get the property appraised. Appraiser will assess the property based on current market conditions and based on the impact of market conditions in the future or during the term of the loan. In some cases, you will get the same value between the approximate value of the loan company and a professional person before determining how much actual value.
Step 3
Lower value of the appraised or market will be used for the purpose of calculating your LTV ratio. And lenders will assess objectively at your income, existing liabilities, current assets, your expenses and your repayment capacity then they will determine the maximum loan amount appropriate for you based on whether you are an employed or in business. Most of the value of the loan you will receive is usually equal to or less than the approved value and will be balanced with your ability to pay in the present and in the future.
The formula to get the LTV ratio is:
LTV ratio = loan amount approved from lenders / lower of the market or appraised value
If the results of your ratio is 1, then you will get a loan 100% of property value. And if your LTV ratio is 0.5, then you will get a loan of 50% of the property value and the remaining 50% will be a nominal of your down payment you have to pay.
- Loans to buy a car (Car loan)-
The first thing you should do is determine what kind of car you want to buy. If the car company and the lender is different, then you should get a quote from the car company about the value of car you want to buy and then submit the quote together with the details of your income to the lender.
The formula to get the LTV ratio is:
LTV ratio = approved loan value / value of the car
This formula also can use for other types of vehicles such as trucks, cabs etc..
- Loans for the purchase of other items -
To calculate your LTV ratio in order to purchase other items you can do by following the steps described above....
Kamis, 25 Juli 2013
Things you should know when you looking for Loan Services for Student Consolidation Loans
Loan consolidation is a term used to refer to some of the loan used to be one and put them on one policy. Another term that can be used for these procedures is the student refinance. When you use a loan consolidation option, you will get some benefits such as convenience because you do not have to pay at many lenders, lower monthly payments and interest rates, and you can get a longer repayment schedule up to 10 to 30 years.
Another thing you need to know about loan consolidation is that this new loan has different terms such as term payments, repayment period, and rate of interest. So, you should carefully read and understand the fine print. In addition, when you decide to choose the loan consolidation, you need to find a new guarantor. You can not do for the consolidation of several different loans such as federal consolidation and private consolidation. In addition, there is a lack of this loan is if your previous loans have a fixed rate then your consolidation rate will not go down, because this profit is only applicable if your previous loans have a variable rate.
There are some specifict list that can be your choice for consolidation, such as the Supplemental Loans for Students, Federal Perkins Loans, Federal Stafford Loans and Loans from the Department of Education. You can visit the site Edfed.com to get the complete list.
Below are some loan service that you can consider:
1. Federal Direct Student Loan Program
This is the most reputable and popular student loan consolidation programs you can consider and it is also commonly referred to as the William D. Ford Federal Direct Loan Program. You can visit their site at ed.gov.
2. Direct Loan Approval
This is another recommended option for you to consider when you decide to consolidate to get lower monthly premiums by 60%. In addition, the interest rate can go down up to 3%. You can visit their site at loanapprovaldirect.com.
3. DebtConsolidation.com.
Another option available for you is to visit this site to get more information about debt consolidation processes and procedures. In addition, the site also has a fast response rate so that you can quickly find out if you are eligible or not to get debt consolidation.
Another important thing you need to do when you are looking for educational loan consolidation companies is to check them on the Department of Education if the company is certified and official. Also a good idea to ask for help from the loan consolidator and student loan lenders who will give you advice on how to consolidate your loans. You can also use tools such as loan calculators that available on site studentloanconsolidator.com or at ed.gov to help you determine whether the choice of consolidation is the best option for your current situation and to determine which particular student loan lenders in accordance with your particular situation.
In addition to the option of using online consolidators, you can also use the option to use traditional credit unions or banks for refinancing. This is the best option for you if you used to get a loan from them in the past and you are satisfied and believe that they can provide a better rate for you. Even so, there is an advantage of online consolidators such as that they are usually more competitive and can give you a better rate and packages.
Another thing you need to know about loan consolidation is that this new loan has different terms such as term payments, repayment period, and rate of interest. So, you should carefully read and understand the fine print. In addition, when you decide to choose the loan consolidation, you need to find a new guarantor. You can not do for the consolidation of several different loans such as federal consolidation and private consolidation. In addition, there is a lack of this loan is if your previous loans have a fixed rate then your consolidation rate will not go down, because this profit is only applicable if your previous loans have a variable rate.
There are some specifict list that can be your choice for consolidation, such as the Supplemental Loans for Students, Federal Perkins Loans, Federal Stafford Loans and Loans from the Department of Education. You can visit the site Edfed.com to get the complete list.
Below are some loan service that you can consider:
1. Federal Direct Student Loan Program
This is the most reputable and popular student loan consolidation programs you can consider and it is also commonly referred to as the William D. Ford Federal Direct Loan Program. You can visit their site at ed.gov.
2. Direct Loan Approval
This is another recommended option for you to consider when you decide to consolidate to get lower monthly premiums by 60%. In addition, the interest rate can go down up to 3%. You can visit their site at loanapprovaldirect.com.
3. DebtConsolidation.com.
Another option available for you is to visit this site to get more information about debt consolidation processes and procedures. In addition, the site also has a fast response rate so that you can quickly find out if you are eligible or not to get debt consolidation.
Another important thing you need to do when you are looking for educational loan consolidation companies is to check them on the Department of Education if the company is certified and official. Also a good idea to ask for help from the loan consolidator and student loan lenders who will give you advice on how to consolidate your loans. You can also use tools such as loan calculators that available on site studentloanconsolidator.com or at ed.gov to help you determine whether the choice of consolidation is the best option for your current situation and to determine which particular student loan lenders in accordance with your particular situation.
In addition to the option of using online consolidators, you can also use the option to use traditional credit unions or banks for refinancing. This is the best option for you if you used to get a loan from them in the past and you are satisfied and believe that they can provide a better rate for you. Even so, there is an advantage of online consolidators such as that they are usually more competitive and can give you a better rate and packages.
Rabu, 24 Juli 2013
Simple steps To Create a Loan Calculator in Microsoft Excel
Pay your monthly rate on time is an important things you have to do. In anticipation to avoid errors, you can create a simple loan calculator with Microsoft Excel. Below are the steps you should do:
1. Create labels according to your variables in a separate cell
Make sure you put these labels with a format that can allow you to access and search. Usually, there are some commonly used variables, such as the loan amount, the annual interest rate, and the number of years to pay off your loan. Place these labels on the three cells below the title on the top right corner of the page. Fill in the right cell-value label with the actual value of these labels.
2. Use the appropriate formula
You will need the PMT function to calculate the monthly payment. Write the label of monthly payment, and in the next blank cell will be used to put the formula to calculate your monthly rate. For example, if the amount of the loan is in cell B3, actual rate in cell B4 and the number of year in cell B5, then you have to type the formula is =PMT(B4/12,B5*12,B3).
The explanation is as follows:
B4/12 used as a formula to get your monthly interest, monthly interest is very important because this will be used to determine the amount of your monthly payment.
B5 * 12 is used to determine the number of months you will need to pay off your loan.
B3 is used to indicate your loan amount.
Once you enter this formula, then you will be able to calculate your monthly payment automatically. All you have to do is enter your variable values.
3. Once you have finished the above steps, you might find that the amount of the monthly have red color.
You do not need to be confused. This color is only an indication that it is the amount of money that you must pay. If you want to change it, you can use the absolute function. Thus, the previous formula should you change as =abs(PMT(B4/12,B5*12,B3).
Now your loan calculator are finished and you can use it. However, if you want a more complete application that can monitor your loan up to the last penny, then you can download the refinance calculators application created by professionals with Microsoft Excel. By using this application you can see all your accounts, including balance statements and monthly interest every time you make a payment. In addition to these applications, there is also interest only calculator application that can show you how your monthly payments affect your payment deadline.
Loan calculator application is very important if you want to be sure on any of your payment. because this application is very consistent and you can use it for free.
1. Create labels according to your variables in a separate cell
Make sure you put these labels with a format that can allow you to access and search. Usually, there are some commonly used variables, such as the loan amount, the annual interest rate, and the number of years to pay off your loan. Place these labels on the three cells below the title on the top right corner of the page. Fill in the right cell-value label with the actual value of these labels.
2. Use the appropriate formula
You will need the PMT function to calculate the monthly payment. Write the label of monthly payment, and in the next blank cell will be used to put the formula to calculate your monthly rate. For example, if the amount of the loan is in cell B3, actual rate in cell B4 and the number of year in cell B5, then you have to type the formula is =PMT(B4/12,B5*12,B3).
The explanation is as follows:
B4/12 used as a formula to get your monthly interest, monthly interest is very important because this will be used to determine the amount of your monthly payment.
B5 * 12 is used to determine the number of months you will need to pay off your loan.
B3 is used to indicate your loan amount.
Once you enter this formula, then you will be able to calculate your monthly payment automatically. All you have to do is enter your variable values.
3. Once you have finished the above steps, you might find that the amount of the monthly have red color.
You do not need to be confused. This color is only an indication that it is the amount of money that you must pay. If you want to change it, you can use the absolute function. Thus, the previous formula should you change as =abs(PMT(B4/12,B5*12,B3).
Now your loan calculator are finished and you can use it. However, if you want a more complete application that can monitor your loan up to the last penny, then you can download the refinance calculators application created by professionals with Microsoft Excel. By using this application you can see all your accounts, including balance statements and monthly interest every time you make a payment. In addition to these applications, there is also interest only calculator application that can show you how your monthly payments affect your payment deadline.
Loan calculator application is very important if you want to be sure on any of your payment. because this application is very consistent and you can use it for free.
Selasa, 23 Juli 2013
How to get study loan easily
If you need more money for your education, study loan application could possibly be the right choice. You can use study loan to pay tuition fees. And the good news, study loan interest rates are usually lower than regular loans, and in some cases study loan even no need to be paid back. Here is how to get a study loan to meet the cost of your education:
1. Find references to organizations, schools and agencies that offer study loans
Currently, the development of technology, especially the internet is very easy for you to get any information you need including the study loan. It is very easy, you just type the keyword "study loan" or "student loan" and quickly you'll get results. To make things easier, you can be more specific in describing about the study loan you want such as lending organization, the school you choose, the location and type of study loan you want. You can also search the directory, phone numbers, email or you can visit the company that offering study loan.
2. Looking at the ads
If the first method does not work, you can try to find agencies that offer study loan through advertising. You can read about the study loan in blogs, websites, forum or group. You can also look to see the event on television or on posters, flyers, brochures and classified ads. And of course you can also get information by listening to the radio or from the information the people around you. Alternatively, you may be able to give more attention to the news about the study loan you want.
3. Knowing whether you are eligible or not to get a study loan
Once you find the right agency or company to fund your education, the next step is to read the rules and existing contracts to determine if you are eligible and can apply for study loans to the agency. Terms and requirements each agency usually different. For example, some agencies provide loans for children undergoing medical procedures, children with part-time jobs, etc..
4. Choosing an appropriate study loan
There are many kinds of study loans available, such as course-related loans, living cost loans, course fee loans, combination loans, etc. Each loan requires different requirements and costs. So you have to choose which type of study loan that suits your budget and needs.
5. Completing the form
Once you know that you eligible to get a study loan at an agency you have chosen, the next step is to fill the form given to you. Some agencies provide services to fill the form online, while others require to submit via email and a few others want you to fill the form directly in front of them.
6. Submit requirements requested
Furthermore, you may be asked to submit several requirements such as IDs, birth certificates, marriage certificates, bank account details etc.. Documents required depending on your situation. Also, make sure that the document is valid and verified by the officer or authority of the lending institution.
7. Waiting
After all the process has been completed, then the last thing you do is wait. If your form is received, they will inform that you can receive the loan and told you about what procedure needs to be done to receive payment. However, if your form is rejected you will be notified of the reasons why you are not allowed to take study loan. Some study loans sent directly to the school to pay for your education expenses, while others sent in cash to your bank account.
As your note, if you previously had trouble on your education because of the cost, then by using a study loan you can solve all these problem. So, if this situation happens to you, then you should apply study loan now.
1. Find references to organizations, schools and agencies that offer study loans
Currently, the development of technology, especially the internet is very easy for you to get any information you need including the study loan. It is very easy, you just type the keyword "study loan" or "student loan" and quickly you'll get results. To make things easier, you can be more specific in describing about the study loan you want such as lending organization, the school you choose, the location and type of study loan you want. You can also search the directory, phone numbers, email or you can visit the company that offering study loan.
2. Looking at the ads
If the first method does not work, you can try to find agencies that offer study loan through advertising. You can read about the study loan in blogs, websites, forum or group. You can also look to see the event on television or on posters, flyers, brochures and classified ads. And of course you can also get information by listening to the radio or from the information the people around you. Alternatively, you may be able to give more attention to the news about the study loan you want.
3. Knowing whether you are eligible or not to get a study loan
Once you find the right agency or company to fund your education, the next step is to read the rules and existing contracts to determine if you are eligible and can apply for study loans to the agency. Terms and requirements each agency usually different. For example, some agencies provide loans for children undergoing medical procedures, children with part-time jobs, etc..
4. Choosing an appropriate study loan
There are many kinds of study loans available, such as course-related loans, living cost loans, course fee loans, combination loans, etc. Each loan requires different requirements and costs. So you have to choose which type of study loan that suits your budget and needs.
5. Completing the form
Once you know that you eligible to get a study loan at an agency you have chosen, the next step is to fill the form given to you. Some agencies provide services to fill the form online, while others require to submit via email and a few others want you to fill the form directly in front of them.
6. Submit requirements requested
Furthermore, you may be asked to submit several requirements such as IDs, birth certificates, marriage certificates, bank account details etc.. Documents required depending on your situation. Also, make sure that the document is valid and verified by the officer or authority of the lending institution.
7. Waiting
After all the process has been completed, then the last thing you do is wait. If your form is received, they will inform that you can receive the loan and told you about what procedure needs to be done to receive payment. However, if your form is rejected you will be notified of the reasons why you are not allowed to take study loan. Some study loans sent directly to the school to pay for your education expenses, while others sent in cash to your bank account.
As your note, if you previously had trouble on your education because of the cost, then by using a study loan you can solve all these problem. So, if this situation happens to you, then you should apply study loan now.
Senin, 22 Juli 2013
How to get student loan easily | loan guaranteed by government
Student loans are the right option for financing your higher education, because with this type of loan you may get the delay of payment until you graduate for 6 months. There are many types of student loan offered. Partially guaranteed by the government and some are not. After previous you know about how to apply for a student loan with ease, below are some things you should do to get a student loan guaranteed by the government:
1. Fill in the form Free Application for Federal Student Aid (FAFSA)
It is necessary to qualify the federal grants and government-backed student loans. You can do this by visiting the website http://www.fafsa.ed.gov.
2. Learn your Expected Family Contribution (EFC)
When you're done fill out FAFSA, you need to learn your Expected Family Contribution (EFC). EPC is used to determine whether you are eligible to receive a Federal Pell Grant or not. For example, if your EPC is $0, you may receive the maximum grant amount. You do not need to return the grant, but the grant has a maximum value that can be given to you for each year. May this amount can not pay the entire cost of your education, but at least it will help ease the burden of the cost of your education and you certainly will pay less when you've graduated.
3. Subsidized Stafford loans or unsubsidized Stafford loan
if in the end you are not eligible to grant or if the grant is not enough to pay for your education, then you can receive a loan in which the government will pay all interest incurred up to 6 months after you graduate named subsidized Stafford loan or if you do not eligible for this type then you could receive unsubsidized Stafford loan.
4. Funding through the above options have limited properties depending on whether you are a dependent or independent student and how long you have school.
5. If you use this option then your school will use the money to finance your next class, books, and other necessary equipment purchased from the school. All fees will reduce your total amount. The grant money will be used first and then loan money.
6. Any remainder of the total amount will be sent to you via check within a few weeks to several months.
If you also need extra money for living expenses for a year, you might consider to apply another student loan as an alternative. There are many types of student loans that you can choose according to your needs. You can find anything about it with very easy and simple way, just type the word "student loan" on the internet, you will get the information you need. In addition, the scholarship is also an appropriate choice, of course, this option would require additional financial information and or decent credit record or cosigner.
1. Fill in the form Free Application for Federal Student Aid (FAFSA)
It is necessary to qualify the federal grants and government-backed student loans. You can do this by visiting the website http://www.fafsa.ed.gov.
2. Learn your Expected Family Contribution (EFC)
When you're done fill out FAFSA, you need to learn your Expected Family Contribution (EFC). EPC is used to determine whether you are eligible to receive a Federal Pell Grant or not. For example, if your EPC is $0, you may receive the maximum grant amount. You do not need to return the grant, but the grant has a maximum value that can be given to you for each year. May this amount can not pay the entire cost of your education, but at least it will help ease the burden of the cost of your education and you certainly will pay less when you've graduated.
3. Subsidized Stafford loans or unsubsidized Stafford loan
if in the end you are not eligible to grant or if the grant is not enough to pay for your education, then you can receive a loan in which the government will pay all interest incurred up to 6 months after you graduate named subsidized Stafford loan or if you do not eligible for this type then you could receive unsubsidized Stafford loan.
4. Funding through the above options have limited properties depending on whether you are a dependent or independent student and how long you have school.
5. If you use this option then your school will use the money to finance your next class, books, and other necessary equipment purchased from the school. All fees will reduce your total amount. The grant money will be used first and then loan money.
6. Any remainder of the total amount will be sent to you via check within a few weeks to several months.
If you also need extra money for living expenses for a year, you might consider to apply another student loan as an alternative. There are many types of student loans that you can choose according to your needs. You can find anything about it with very easy and simple way, just type the word "student loan" on the internet, you will get the information you need. In addition, the scholarship is also an appropriate choice, of course, this option would require additional financial information and or decent credit record or cosigner.
Minggu, 21 Juli 2013
How to get loan for people with bad credit especially for car and home loan
If you have bad credit, may these things below will help you on how to rebuild your credit. A good idea to find out how bad your credit really is or to be more convincing, you can contact one of the three major credit unions --Equifax, Experian and TransUnion- to find your score. If your score below 620 on a scale of 300 to 800 it means you have a bad credit. Or you can also get a free annual credit report at www.annualcreditreport.com.
Credit mistakes you did in the past will limit your ability to obtain loans. But you should not worry yet, there are some loans that can be used for people who have bad credit. After that, you may be able to secure certain loans in a way that is easy enough. Although you may get a smaller loan, but if you use it correctly then this will help you to build your credit to be even better, so that as time passes it will make you eligible for larger and better loans.
The important thing you shoul realize that time is money, so the most effective way to restore your credit reputation for loans after bad credit is to pay bills on time. You need to prove to the lender that you have learned in your experience and that you are now better appreciate the importance of maintaining good credit. In addition, maintaining your work in one place for at least 6 months also need to do to regain the trust of the lender.
To support this you can set up a budget template to help you keep track of income and debt. There are many applications that you can use as Quicken, Microsoft Money, and Microsoft Works. If this is too complicated for you, you can do it more simply. You can make two columns that contains the list of your monthly bills and one for the income you earn. The important thing is to know how well you stick to it.
1. Car loan
most likely you will find on dealer-financed car loan when you have bad credit problems. This has several disadvantages such as the interest rates are very high and the threat of repossession are very real. For some dealers, when you late paying bills it means reclaim your car. So you have to be careful in reading the document before you make sure to agree with all the terms of the bad credit auto loan dealers given to you.
This does not mean you have to accept the first offer given by the dealer just because you're looking for a bad credit car loan. You can barter for a lower interest rate if the original offer was too high. The interest rate on dealer-financed car loans vary widely, in part to take advantage of high and some lower. So, find more favorable interest rates for you.
2. Passbook loan
Passbook secured loan is similar to a credit card that requires a savings account that provides a nominal amount you are borrowing. It is necessary for lenders security because at first you apply for a loan when you have bad credit. So the thing you can do is open a savings account, put money into it and apply for a loan. The advantage of the passbook loan, you can rebuild your credit because when people read this report, it will look like a regular loan from a reputable institution not as a bad credit personal loan. And you can also get interest rate while you use your loan money.
3. Co-signed loan
In case you are asking someone else to guarantee your loan by agreeing to repay the loan if you fail to pay. If you can pay on time, you will benefit and be able to build your credit. However, if you fail to pay then co-signer will be responsible for paying and his credit will be damage. This loan could happen if your friend or family agrees to be your co-signer. But the risk is that if you fail to pay then your relationship will end up just like your credit.
4. Mortgage loan
You need a few years with good credit if you are planning to get a mortgage loan. Mortgage lenders will see if you can pay bills on time. It's all about trust. Lenders can be more keen to lend to you if you can pay all your bills on time for several months. This could prove to lenders that you are now the person with good credit even if at first you apply for a loan when you still have bad credit. www.mortgagecreditproblems.com could be one source that can help you when you find a home at an acceptable price, and you want to get through a mortgage loan with bad credit.
if you wish to be paid each month is lower or you are unable to pay by installments is high, then the Federal Housing Authornity (FHA) loan or a Veteran's Administration (VA) loan could be the right choice for you because both of these companies only require 3% down and will work to determine a reasonable payment each month. But if you are able to provide a down payment of at least 20%, then lenders typically do no-documentation loan.
So do not be pessimistic yet, having bad credit does not mean the end of your financial future. You can get out of it with diligence and be more prudent. However, if you have very serious bad credit problems, then you can join Debtors Anonymous (DA) which will help you to overcome your bad credit problems. There are more than 500 DA in the USA and in 13 countries around the world.
For the record, you have to carefully on the fraudulent loans to the mode of providing brand new report, the promise to get a big loan eligibility if you are willing to pay a fee to them in advance. Fraud is very detrimental to you, because in addition it steals your money, it also can make you face the allegations. www.ftc.gov can be a helpful source when you want establishing your credit back.
Credit mistakes you did in the past will limit your ability to obtain loans. But you should not worry yet, there are some loans that can be used for people who have bad credit. After that, you may be able to secure certain loans in a way that is easy enough. Although you may get a smaller loan, but if you use it correctly then this will help you to build your credit to be even better, so that as time passes it will make you eligible for larger and better loans.
The important thing you shoul realize that time is money, so the most effective way to restore your credit reputation for loans after bad credit is to pay bills on time. You need to prove to the lender that you have learned in your experience and that you are now better appreciate the importance of maintaining good credit. In addition, maintaining your work in one place for at least 6 months also need to do to regain the trust of the lender.
To support this you can set up a budget template to help you keep track of income and debt. There are many applications that you can use as Quicken, Microsoft Money, and Microsoft Works. If this is too complicated for you, you can do it more simply. You can make two columns that contains the list of your monthly bills and one for the income you earn. The important thing is to know how well you stick to it.
1. Car loan
most likely you will find on dealer-financed car loan when you have bad credit problems. This has several disadvantages such as the interest rates are very high and the threat of repossession are very real. For some dealers, when you late paying bills it means reclaim your car. So you have to be careful in reading the document before you make sure to agree with all the terms of the bad credit auto loan dealers given to you.
This does not mean you have to accept the first offer given by the dealer just because you're looking for a bad credit car loan. You can barter for a lower interest rate if the original offer was too high. The interest rate on dealer-financed car loans vary widely, in part to take advantage of high and some lower. So, find more favorable interest rates for you.
2. Passbook loan
Passbook secured loan is similar to a credit card that requires a savings account that provides a nominal amount you are borrowing. It is necessary for lenders security because at first you apply for a loan when you have bad credit. So the thing you can do is open a savings account, put money into it and apply for a loan. The advantage of the passbook loan, you can rebuild your credit because when people read this report, it will look like a regular loan from a reputable institution not as a bad credit personal loan. And you can also get interest rate while you use your loan money.
3. Co-signed loan
In case you are asking someone else to guarantee your loan by agreeing to repay the loan if you fail to pay. If you can pay on time, you will benefit and be able to build your credit. However, if you fail to pay then co-signer will be responsible for paying and his credit will be damage. This loan could happen if your friend or family agrees to be your co-signer. But the risk is that if you fail to pay then your relationship will end up just like your credit.
4. Mortgage loan
You need a few years with good credit if you are planning to get a mortgage loan. Mortgage lenders will see if you can pay bills on time. It's all about trust. Lenders can be more keen to lend to you if you can pay all your bills on time for several months. This could prove to lenders that you are now the person with good credit even if at first you apply for a loan when you still have bad credit. www.mortgagecreditproblems.com could be one source that can help you when you find a home at an acceptable price, and you want to get through a mortgage loan with bad credit.
if you wish to be paid each month is lower or you are unable to pay by installments is high, then the Federal Housing Authornity (FHA) loan or a Veteran's Administration (VA) loan could be the right choice for you because both of these companies only require 3% down and will work to determine a reasonable payment each month. But if you are able to provide a down payment of at least 20%, then lenders typically do no-documentation loan.
So do not be pessimistic yet, having bad credit does not mean the end of your financial future. You can get out of it with diligence and be more prudent. However, if you have very serious bad credit problems, then you can join Debtors Anonymous (DA) which will help you to overcome your bad credit problems. There are more than 500 DA in the USA and in 13 countries around the world.
For the record, you have to carefully on the fraudulent loans to the mode of providing brand new report, the promise to get a big loan eligibility if you are willing to pay a fee to them in advance. Fraud is very detrimental to you, because in addition it steals your money, it also can make you face the allegations. www.ftc.gov can be a helpful source when you want establishing your credit back.
Sabtu, 20 Juli 2013
Some ways to get an emergency cash loan quickly, easily and suit your needs
When you're in a situation that requires you need some money right away, probably the right choice that you can use is an emergency cash loan. Although the best thing you can do is have an emergency fund itself, but it is sometimes not possible to do. Below is some way that might help you when you are in a situation where you need some financial help quickly:
1. Charities
When you need some money for food or bills you need to pay off, such as electricity, rent, etc. then you can use this option. All you have to do is fill out a little paperwork and data. Usually funds or food or paying bills rendered to exist in the same day. It is a wonderful option if those needs are the reason why you needs cash quickly.
2. Family and friends
This option would probably be quite difficult for there, especially if you want a reason you need a certain amount of money remains a secret for you. If that is what you want, maybe this option should not be taken because usually they will ask why you need the money. It can happen because of their attention to you or because they are the people who always wanted to know. If you do not want to tell them the reason, it will be difficult for you to get money from them. Sometimes they do not want to lend you some money because they feared it could affect on your relationship or they fear it if you do not return the money you borrowed from them. Bottom line, if you need cash quickly, this option will probably require more time and paperwork.
3. Bank-oriented options
Banks have several options that provide a cash loan. And it is very important for you to know that every choice is different, most likely will benefit you and others may be the opposite. To get money with this option then at least you should have a high credit score and a good credit history because without those two things, it will be very difficult for you to get the funds from this option. Your bank loan options include:
- A higher Limit or additional charges on your credit card
- A second mortgage or home equity loan.
- A home equity credit line.
- A traditional loan or called as an unsecured loan.
- An overdraft loan on your checking account which what is unavailable from your account is charged to your account and owed to the bank.
4. Credit union loans
If you need cash quickly while you have Poorer credit or you are need assistance where these assistance can not be provided by the bank, then the options that you can possibly do is to go to the credit union. In principle, a loan in the credit union is similar to a regular bank loan, but it will be easier and more profitable if you become a member of the credit union. You can ask them about what loan to suit your needs.
5. Payday Loan
This option is appropriate when you need cash quickly and you have little credit, no credit, or bad credit. Basically, payday loan no need to do credit checks. Real terms in the payday loan is that you must have a checking account and a job at least 3 months. You can receive funds from 1 hour or 24 hours after you apply your application, all depending on the amount you need.
Problems may arise when you take this option is that sometimes payday loan will make you be in a worse situation because of rising interest rates and payment schedules that meet your immediate need. So you should think well and be careful before you decide to use this option.
Well, if all five of the above options do not exist to suit you or not be able to give some money to you, there might be able to use other options such as a garage sale or sell something on auction sites like eBay. This way you can get money immediately without having to return it. Maybe you do not want to lose the things you love, but it will be more meaningful because it will help you to get out of a bad situation.
1. Charities
When you need some money for food or bills you need to pay off, such as electricity, rent, etc. then you can use this option. All you have to do is fill out a little paperwork and data. Usually funds or food or paying bills rendered to exist in the same day. It is a wonderful option if those needs are the reason why you needs cash quickly.
2. Family and friends
This option would probably be quite difficult for there, especially if you want a reason you need a certain amount of money remains a secret for you. If that is what you want, maybe this option should not be taken because usually they will ask why you need the money. It can happen because of their attention to you or because they are the people who always wanted to know. If you do not want to tell them the reason, it will be difficult for you to get money from them. Sometimes they do not want to lend you some money because they feared it could affect on your relationship or they fear it if you do not return the money you borrowed from them. Bottom line, if you need cash quickly, this option will probably require more time and paperwork.
3. Bank-oriented options
Banks have several options that provide a cash loan. And it is very important for you to know that every choice is different, most likely will benefit you and others may be the opposite. To get money with this option then at least you should have a high credit score and a good credit history because without those two things, it will be very difficult for you to get the funds from this option. Your bank loan options include:
- A higher Limit or additional charges on your credit card
- A second mortgage or home equity loan.
- A home equity credit line.
- A traditional loan or called as an unsecured loan.
- An overdraft loan on your checking account which what is unavailable from your account is charged to your account and owed to the bank.
4. Credit union loans
If you need cash quickly while you have Poorer credit or you are need assistance where these assistance can not be provided by the bank, then the options that you can possibly do is to go to the credit union. In principle, a loan in the credit union is similar to a regular bank loan, but it will be easier and more profitable if you become a member of the credit union. You can ask them about what loan to suit your needs.
5. Payday Loan
This option is appropriate when you need cash quickly and you have little credit, no credit, or bad credit. Basically, payday loan no need to do credit checks. Real terms in the payday loan is that you must have a checking account and a job at least 3 months. You can receive funds from 1 hour or 24 hours after you apply your application, all depending on the amount you need.
Problems may arise when you take this option is that sometimes payday loan will make you be in a worse situation because of rising interest rates and payment schedules that meet your immediate need. So you should think well and be careful before you decide to use this option.
Well, if all five of the above options do not exist to suit you or not be able to give some money to you, there might be able to use other options such as a garage sale or sell something on auction sites like eBay. This way you can get money immediately without having to return it. Maybe you do not want to lose the things you love, but it will be more meaningful because it will help you to get out of a bad situation.
Jumat, 19 Juli 2013
Simple steps to Use a Calculator to quote your Loan Repayments
You need to assess the financial stability and ability to pay off your loans first before you apply for a loan. It is necessary to remind you that some of the inconsistencies and lapses in payment can worsen your credit score and make you end up with a debt that has accumulated due to the accumulation of interest on your monthly payment.
Before you apply the loan, it would be better if you first assess and analyze your payment options. One of the best ways to do this is to use a loan repayment calculator. Below are the steps to quote loan repayment using loan repayment calculator:
1. First, clear your calculator memory before creating a new calculation to avoid inaccurate results.
2. Wait until the word "Begin" appears on the screen before you enter a value. If the word is still relies not appear, you can press the "g" button and then pressing the "7" button.
3. Enter the amount of the loan that you want and then press the "CHS" (Sing Change button). After the figures appearing on the screen then press the "PV" (the present value) key.
4. Enter your loan term in months. For example, if you want to pay off your loan in 5 years, then the value you enter is 12x5 = 60. Enter the number 60 and then press the "n" button.
5. Enter the interest rate of your loan, then press the "g" button and the "i" button. For example, if your loan interest rate is 9%, then when you hit the "g" and the "i" and will get a 0.75 rate based on 9% annual interest rate.
6. Enter the lump sum payment by entering the amount you would expect to pay at the end of your loan. After that press the "FV" (the Future Value). For example, if your loan amount is $20,000 and you want to pay 10% as a lump sum at the end of your loan, then enter a value of 2000 and then press the "FV". But if you do not want to pay a lump sum at the end of your loan, then enter a value of 0 and then press the "FV".
7. Press the "PMT" button to calculate your repayments. After that you will get your results in a monthly payment.
So in conclusion, you will need to enter your loan amount, repayment terms, interest rate, and lump sum to calculate your monthly repayment. For example, if your loan amount is $20,000 and is paid for 60 months with 9% interest rate and lump sum $2,000, then your monthly repayment is $386.00.
Another advantage that you can get by using this calculator is that you can check at the rate quoted by your lender. There are some financier that good to hide certain fees and charges. By re-check with this calculator, you will be able to save you from signing a contract with a loan rate that is not to your liking. For example, the interest rate of 8% with hidden charges, then in fact you are paying 8.75% on the total.
With all these advantages, the calculator also has limitations. You may need to consult with your financial adviser to other criteria such as financial liabilities and future investments before you decide to apply for a loan.
Before you apply the loan, it would be better if you first assess and analyze your payment options. One of the best ways to do this is to use a loan repayment calculator. Below are the steps to quote loan repayment using loan repayment calculator:
1. First, clear your calculator memory before creating a new calculation to avoid inaccurate results.
2. Wait until the word "Begin" appears on the screen before you enter a value. If the word is still relies not appear, you can press the "g" button and then pressing the "7" button.
3. Enter the amount of the loan that you want and then press the "CHS" (Sing Change button). After the figures appearing on the screen then press the "PV" (the present value) key.
4. Enter your loan term in months. For example, if you want to pay off your loan in 5 years, then the value you enter is 12x5 = 60. Enter the number 60 and then press the "n" button.
5. Enter the interest rate of your loan, then press the "g" button and the "i" button. For example, if your loan interest rate is 9%, then when you hit the "g" and the "i" and will get a 0.75 rate based on 9% annual interest rate.
6. Enter the lump sum payment by entering the amount you would expect to pay at the end of your loan. After that press the "FV" (the Future Value). For example, if your loan amount is $20,000 and you want to pay 10% as a lump sum at the end of your loan, then enter a value of 2000 and then press the "FV". But if you do not want to pay a lump sum at the end of your loan, then enter a value of 0 and then press the "FV".
7. Press the "PMT" button to calculate your repayments. After that you will get your results in a monthly payment.
So in conclusion, you will need to enter your loan amount, repayment terms, interest rate, and lump sum to calculate your monthly repayment. For example, if your loan amount is $20,000 and is paid for 60 months with 9% interest rate and lump sum $2,000, then your monthly repayment is $386.00.
Another advantage that you can get by using this calculator is that you can check at the rate quoted by your lender. There are some financier that good to hide certain fees and charges. By re-check with this calculator, you will be able to save you from signing a contract with a loan rate that is not to your liking. For example, the interest rate of 8% with hidden charges, then in fact you are paying 8.75% on the total.
With all these advantages, the calculator also has limitations. You may need to consult with your financial adviser to other criteria such as financial liabilities and future investments before you decide to apply for a loan.
Rabu, 17 Juli 2013
Common way on how To Take Out Home Equity Loans
In the last 10 years the value of the house significantly increased and not predictable in advance. There are even some areas, home prices increased many times over in just a short time. This resulted in many homeowners who build significant equity value for their homes.
Equity is the difference between the value of their own homes with a value of bank loans for their home. For example, if your house is worth $400,000 and your outstanding loan balance $300,000, so the value of home equity is $100,000.
Most banks provide facilities homeowners to access the equity in their homes through home equity loans. With this type of loan homeowners can borrow their home equity to get cash for various purposes such as paying tuition, buy a new car or home renovation.
If you have a plan to get a home equity loan, here are three common ways you can use:
1. Through the Internet
This is a fun new way to get a loan. Most major banks have the facility to apply online loans, including home equity loans. In this process you will be asked to fill in the data on the basic application information and request an appraisal for your home. After that you will receive the final paperwork via mail or you will be asked to come to the local branch to complete your loan transaction.
2. In person
The second way is the most widely used way to get a home equity loan by visiting a local bank or savings institution to meet and speak directly with a loan specialist. Loan specialist will guide you with some simple paperwork, requesting an appraisal for your home and then process your loan.
3. By phone
The third way is to call the bank of your choice and tell them that you want to get a home equity loan. Usually they will guide you as when you do it in person.
Different from the mortgage loan, the home equity loan paperwork process considerably less involved. To determine the value of your home equity loan, usually a bank will do a credit check and ask for an appraisal on your home. Value of the loan you will get typically 80% to 90% of the value of your home. This means you'll save 10% of your home equity.
Before you decide to take a home equity loan, there are several things you should seriously consider include:
1. Generally loan rates are variable
If you take out a loan when the loan rate is at 6%, this means that your payments will be lower than if the loan rate is increased to 7% or 9%. Loan rate is very unpredictable and volatile at any time. According to history, the interest rate for home loan between 5% to 19%. Maybe you can afford at 5%, but when the rate rose significantly, then you will get your payment increased by 4-fold. So, are you ready with this possibility?
2. Understand all the terms of your loan rate
Some home equity loan will feature caps on rates, while some others do not. Some home equity loans to be written with the time period in which the fixed rate and variable later.
3. Understanding the repayment terms on your loan
Banks will want their money back, just as applicable to other types of loans. Make sure your loan repayment terms are agreeable. Some home equity payments have swelled after the predetermined period of time. This means that you should set aside a larger amount on a several dates. And because this loan using your home as collateral, then you should familiarize yourself with the existing terms and you should be ready to comply.
4. The loan is secured by your home
This means that if you default on your home equity loan, then the bank will foreclose your home. And for the record that the debt can not be eliminated by declaring bankruptcy.
So, the conclusion is that you have to make sure that the loan is completely according to what you are looking for before you sign the final paperwork. Home equty loan can provide a great benefit to you as well as have a shortage, so make sure you understand and agreeable with the terms of your loan.
Equity is the difference between the value of their own homes with a value of bank loans for their home. For example, if your house is worth $400,000 and your outstanding loan balance $300,000, so the value of home equity is $100,000.
Most banks provide facilities homeowners to access the equity in their homes through home equity loans. With this type of loan homeowners can borrow their home equity to get cash for various purposes such as paying tuition, buy a new car or home renovation.
If you have a plan to get a home equity loan, here are three common ways you can use:
1. Through the Internet
This is a fun new way to get a loan. Most major banks have the facility to apply online loans, including home equity loans. In this process you will be asked to fill in the data on the basic application information and request an appraisal for your home. After that you will receive the final paperwork via mail or you will be asked to come to the local branch to complete your loan transaction.
2. In person
The second way is the most widely used way to get a home equity loan by visiting a local bank or savings institution to meet and speak directly with a loan specialist. Loan specialist will guide you with some simple paperwork, requesting an appraisal for your home and then process your loan.
3. By phone
The third way is to call the bank of your choice and tell them that you want to get a home equity loan. Usually they will guide you as when you do it in person.
Different from the mortgage loan, the home equity loan paperwork process considerably less involved. To determine the value of your home equity loan, usually a bank will do a credit check and ask for an appraisal on your home. Value of the loan you will get typically 80% to 90% of the value of your home. This means you'll save 10% of your home equity.
Before you decide to take a home equity loan, there are several things you should seriously consider include:
1. Generally loan rates are variable
If you take out a loan when the loan rate is at 6%, this means that your payments will be lower than if the loan rate is increased to 7% or 9%. Loan rate is very unpredictable and volatile at any time. According to history, the interest rate for home loan between 5% to 19%. Maybe you can afford at 5%, but when the rate rose significantly, then you will get your payment increased by 4-fold. So, are you ready with this possibility?
2. Understand all the terms of your loan rate
Some home equity loan will feature caps on rates, while some others do not. Some home equity loans to be written with the time period in which the fixed rate and variable later.
3. Understanding the repayment terms on your loan
Banks will want their money back, just as applicable to other types of loans. Make sure your loan repayment terms are agreeable. Some home equity payments have swelled after the predetermined period of time. This means that you should set aside a larger amount on a several dates. And because this loan using your home as collateral, then you should familiarize yourself with the existing terms and you should be ready to comply.
4. The loan is secured by your home
This means that if you default on your home equity loan, then the bank will foreclose your home. And for the record that the debt can not be eliminated by declaring bankruptcy.
So, the conclusion is that you have to make sure that the loan is completely according to what you are looking for before you sign the final paperwork. Home equty loan can provide a great benefit to you as well as have a shortage, so make sure you understand and agreeable with the terms of your loan.
Selasa, 16 Juli 2013
How do I get a loan in the payday loan centers using SSI easily
In life, sometimes there is an extraordinary event, a sudden, unforeseen and some events that occur simultaneously, where the situation forces you to have a certain amount of money that you might not previously calculated. It can be a difficult situation when you need more assistance if you are a person who already receives Supplemental Security Income (SSI). But do not worry yet, there are easy ways to get fixed and fluid income through payday loan center that will help you to get a loan, even if you are someone who already receives SSI. Here is a way you need to do:
- Find references from the people and places around you
You will be easier to determine what you need when you already have the information you need. You can find information about payday loan companies that are willing to lend to people who have received SSI. You can ask your family, friends or co-workers for this problem. But if you want this remain a secret for you, then the right choice is to look for information online about payday loan companies. Currently not difficult to find any information from the internet, of course you have to be sure about validity of the payday loan companies for your security and the assurance that you will be dealing with real companies.
- Apply for a loan
Once you determine the appropriate agency to you which is can answer your needs, then you can begin the process of loans with apply for a loan. You may be asked to fill out the application form to begin the loan process. You must fill in this form correctly and concisely in order to avoid problems that will hinder the process of your loan later on. Typically, data about Social Security number, total annual income and debts you may have will be required when you fill out this application form. This procedure is done so that the company can see your credit standing and character
- Attending an interview
The next process you might do is interview. This is done so that the company can take a deeper look about you. When Attending interview make sure you are well-dressed and respectable. During the interview session, make sure that you answer questions with polite, concise and clear. Be matter of fact and honest. most importantly, you should still be natural.
- Presenting proof
After the interview, you will usually be asked to present proof of your SSI income. After that the company will analyze the data that have been there and will determine how much the nominal assistance they can give to you. Typically, the maximum loan that can be given is equal to the salary you receive.
Senin, 15 Juli 2013
How To Get an Educational Loan if you have Bad Credit Rating
Studying in college is one way that can be used to gain a better career in the future. Unfortunately, the cost of a college education is very expensive and you also still have to be burdened with other costs such as the cost of living, etc.. Of course this is very difficult for students who do not have significant costs. If this happens to you, the option to use a student loan can be your alternative to pay for your college education. The advantage of the student loan is this type of loan usually has a lower interest and long-term that allows students to be able to finish their college and build a career before they were required to pay back the student loan. And the best thing of the student loan is that anyone can get it, including if you are a person who has a bad credit rating.
Federal loans are one of the sources of student loans provided by the government. Student loans can be issued to parents and students. If the parents have a credit rating below the average, then the student will get a student loan with a lower interest. These types of loans are available with a consistent interest rate and more flexible policy about pay them off. Below are some student loan that you can use if you have a bad credit rating:
1. The Stafford Loans
This type of student loan is divided into two types: subsidized loans and unsubsidized loans. Both types of loans have the same concept to grant students who have a bad credit rating money they need to finance their education. These loans usually have a limit on how much money can be given to students. A limited number of taps, students may need to take out multiple loans to finance their education. It may be difficult for them, but with a bad credit rating they have, these loans can be a valuable rescue option.
Students or their parents must fill out Free Application for Federal Student Aid (FAFSA) through the FAFSA website to be able to get these loans. Subsidized Federal Stafford Loans based on the financial needs of the applicant. The loan has a low interest rate and a long-term educational loan which means students are not required to repay or pay interest as long as they are educated with at least 6 credit hours or units. In this loan, the student is considered as the borrower, not the parents.
2. Perkins Loans
This type of loan can grant for undergraduate and graduate student loans totaling up to $20,000 for the entire course of their education. This type of loan is given annually between $1,000 to $4,000. With a large enough loan amount, this type of loan is said to be the best loan programs available today.
3. Unsubsidized Federal Stafford Loans
In this type of loan the financial needs of students are not used as a consideration. In addition, students have to pay interest while they study. The student have the option to defer paying interest until the time specified payment has arrived, but all the interest that arise remain to be paid. These interest will be automatically added to the loan principal.
4. Federal PLUS loans
This type of loan has a low interest rate and a long-term educational loan that will be given to the parents. Parents and or students can pay off the loan after 60 days of the loan is issued with repayment periods up to 10 years.
Federal loans are one of the sources of student loans provided by the government. Student loans can be issued to parents and students. If the parents have a credit rating below the average, then the student will get a student loan with a lower interest. These types of loans are available with a consistent interest rate and more flexible policy about pay them off. Below are some student loan that you can use if you have a bad credit rating:
1. The Stafford Loans
This type of student loan is divided into two types: subsidized loans and unsubsidized loans. Both types of loans have the same concept to grant students who have a bad credit rating money they need to finance their education. These loans usually have a limit on how much money can be given to students. A limited number of taps, students may need to take out multiple loans to finance their education. It may be difficult for them, but with a bad credit rating they have, these loans can be a valuable rescue option.
Students or their parents must fill out Free Application for Federal Student Aid (FAFSA) through the FAFSA website to be able to get these loans. Subsidized Federal Stafford Loans based on the financial needs of the applicant. The loan has a low interest rate and a long-term educational loan which means students are not required to repay or pay interest as long as they are educated with at least 6 credit hours or units. In this loan, the student is considered as the borrower, not the parents.
2. Perkins Loans
This type of loan can grant for undergraduate and graduate student loans totaling up to $20,000 for the entire course of their education. This type of loan is given annually between $1,000 to $4,000. With a large enough loan amount, this type of loan is said to be the best loan programs available today.
3. Unsubsidized Federal Stafford Loans
In this type of loan the financial needs of students are not used as a consideration. In addition, students have to pay interest while they study. The student have the option to defer paying interest until the time specified payment has arrived, but all the interest that arise remain to be paid. These interest will be automatically added to the loan principal.
4. Federal PLUS loans
This type of loan has a low interest rate and a long-term educational loan that will be given to the parents. Parents and or students can pay off the loan after 60 days of the loan is issued with repayment periods up to 10 years.
Minggu, 14 Juli 2013
Things to do to apply consumer loan Easily
The most important step when you want to apply a consumer loan is preparing the documents normally required to obtain a loan, such as your most recent pay check stubs, your last Federal Income Tax return, household bills, and others document that can be used to identify who you are.
It's better if you try to fill out the application as much as possible. And you must be able to prove that you can pay off your loan. This could indicate that you do not need to be played out in money to get these loans. Usually consumer loan only used for loans with small amounts between a few hundred dollars to several thousand dollars. This type of loan is usually used for the cost of purchasing goods and services such as a car or large appliances.
Today many banks and loan companies that provide the facility to fill out an application of consumer loan via online. and some of them will give you a quick answer. If your application is accepted, the bank or loan company will help and advise about what steps you should do next. Although you can complete the loan process online, you may still need a bit of extra time to send some documents that you must sign.
The money you get from the consumer loan will be deposited directly into your bank account. You can also ask them to send the check to you. In addition, you can also take a check directly if the bank is local.
In the consumer loan process, lenders will check your credit. If you are someone who has good or a medium credit, this means that most likely your application will be accepted. However, if you are someone with bad credit or even no credit, then this means that your application will be difficult to accept, even might be rejected immediately. Interest rates on consumer loans will vary depending on your credit rating. The better your credit rating means the smaller the interest rate you'll get.
If you apply consumer loan to purchase a car or large ticket items, then these items will be used as collateral for your loan. This means that if you do not pay, then these items will be repossessed.
Lenders will typically require a co-signer for your loan if they feel that give loans to you bring a high risk to them.
Lastly, you do not need to be sad if in the end your application for consumer loan is rejected. Because if you apply a loan and was denied, you will get free a copy of your credit report from the credit Bureaus. This course will give you the opportunity to see and evaluate your credit report and take action if necessary to clean up your report, so that in the future you will probably be worth it to be able to get a loan.
Sabtu, 13 Juli 2013
5 Things to do to prove that you are worthy for a business loan
You may need to do some more effort to be able to get a business loan easier. This you can do by way of knowing what lenders look for in order to increase the likelihood of your loan can be accepted. Below are some things you can do to prove to the lender that you are eligible to get a business loan:
1. Show your plan to repay the business loan
Lenders or banks usually want to know whether you can afford and can pay off business loan given to you. To that end, in the business plan outline how much your income, expenses which may be required and expected cash flows. To be eligible for this type of loan required a high credit score that can be used by banks or lenders as an indication that you have a good financial habits. So, before you apply for these loans you need to make sure there are no errors on your personal credit and business credit (if any) to minimize the chances of your loan rejected. You might also mention other options you may have to repay your business loan as an asset that can be quickly thawed when needed or your personal savings. It can make a bank or lender believes that you are capable and have a good plan for paying off your loan business.
2. Give some type of security on the bank or lender
You might be able to put your possessions (personal or business) as collateral for your loan to reduce the risk of potential lenders. For example, you could offer a building or equipment you have in the bank to pay off your loan when your business fails. It's probably not a good idea to do, but it can make a bank or lender has some security for the loan they give to you. You may also be able to ask the company or someone else to be your co-signer, or at least they are willing to accept the responsibility to pay the rest of your loan when your business fails. This effort will be more appreciated by the bank or lender.
3. Show your bank or lender that you have the money
You have to show the bank or lender what you have personally invested in the business, although it is not too much. By identifying capital, then you have shown in the bank or lender that you are willing to take risks for your company. Banks or lenders will consider lending you more if you have the confidence to be successful in business.
4. Outline your financial needs with more specific
Banks or lenders will want to know what your goal is to get business loan. Show them that you have a financial report outlining the cost to purchase the equipment you want if your goal is a loan to purchase new equipment for your business. Or identifying inventory needed for your business you should buy to improve your business. Or maybe you can specifically plan your capital improvements. The more detailed you are in debt, it is your chance to get a business loan will also be higher.
5. Be a professional
Besides other things necessary, the bank will also assess your character during interview. The final decision of the bank or the lender is determined by how you look, your attitude and professional approach to get a business loan. Be prepared when you are going to do the interview so that you are more confident. Show your experience and education. Make sure you give a great impression to the bank or lender with the best look on your appearance, your education, your references and your experience. This could be the likelihood of you to show the bank or lender that you are eligible to get a business loan.
1. Show your plan to repay the business loan
Lenders or banks usually want to know whether you can afford and can pay off business loan given to you. To that end, in the business plan outline how much your income, expenses which may be required and expected cash flows. To be eligible for this type of loan required a high credit score that can be used by banks or lenders as an indication that you have a good financial habits. So, before you apply for these loans you need to make sure there are no errors on your personal credit and business credit (if any) to minimize the chances of your loan rejected. You might also mention other options you may have to repay your business loan as an asset that can be quickly thawed when needed or your personal savings. It can make a bank or lender believes that you are capable and have a good plan for paying off your loan business.
2. Give some type of security on the bank or lender
You might be able to put your possessions (personal or business) as collateral for your loan to reduce the risk of potential lenders. For example, you could offer a building or equipment you have in the bank to pay off your loan when your business fails. It's probably not a good idea to do, but it can make a bank or lender has some security for the loan they give to you. You may also be able to ask the company or someone else to be your co-signer, or at least they are willing to accept the responsibility to pay the rest of your loan when your business fails. This effort will be more appreciated by the bank or lender.
3. Show your bank or lender that you have the money
You have to show the bank or lender what you have personally invested in the business, although it is not too much. By identifying capital, then you have shown in the bank or lender that you are willing to take risks for your company. Banks or lenders will consider lending you more if you have the confidence to be successful in business.
4. Outline your financial needs with more specific
Banks or lenders will want to know what your goal is to get business loan. Show them that you have a financial report outlining the cost to purchase the equipment you want if your goal is a loan to purchase new equipment for your business. Or identifying inventory needed for your business you should buy to improve your business. Or maybe you can specifically plan your capital improvements. The more detailed you are in debt, it is your chance to get a business loan will also be higher.
5. Be a professional
Besides other things necessary, the bank will also assess your character during interview. The final decision of the bank or the lender is determined by how you look, your attitude and professional approach to get a business loan. Be prepared when you are going to do the interview so that you are more confident. Show your experience and education. Make sure you give a great impression to the bank or lender with the best look on your appearance, your education, your references and your experience. This could be the likelihood of you to show the bank or lender that you are eligible to get a business loan.
Jumat, 12 Juli 2013
Things you should know to get a commercial real estate loan easily
Financing is an important part when you decide to buy commercial real estate, both for the purpose leased back or used for your own business. This is very important in the process of buying this unless you can afford to buy the entire building because most people can not afford to pay for a commercial real estate with their own money even though some of them have a very good source of funds.
Lenders want to make sure they get the right buyers because commercial real estate loans is a competitive business. So, when you want to pay attention to your lender, then you should be ready with the necessary documents, and you need to show the lender that you are a serious buyer and are interested in commercial real estate. Just like home loans, the commercial real estate purchase process you also need to find some type of proper loan. Below are a few things you should know when you are looking for a lender for commercial real estate:
1. Fair and reasonable down payment
In many cases, it is very rare that someone can receive loans for commercial real estate with no down payment, so you have to plan in advance and at least you already have the money for a down payment when you start the loan process. Usually down payment take of 10% up to 30% of the total value of the building.
2. Having a good credit
Fee on commercial real estate are usually higher than the average home loan. Lenders may be hesitant to accept a loan if you are a person with poor credit, even if you have a lot of experience in your business. To get a commercial real estate loans you need solid credit history that used as a parameter that you are free from the possibility of bankruptcy and late payment. If you have bad credit, it is better if you make it right before you apply for these loans, to facilitate your move, you can get your FICO score at one of four these companies --TransUnion, Equifax, Experian or Innovis--. To get this loan, at least you have a FICO score above 700.
3. Have some important experience in your new business
Provide loans for commercial real estate is a risky thing for lenders, especially if you do not have the experience to the field you would do. For example, you apply for a loan is to run a salon business while you do not have previous experience in this field. This could make lenders hesitant to lend to you. So, you will be hard to get a loan if you have no experience in the field of new businesses are going to do because lender afraid that you will potentially fail at the business you wish to run.
4. Having a good business plan
One thing that you can do to make lenders impress is to have a good business plan. You also have to show them that you know how to make money and make your business succeed, no matter how much experience you in this endeavor. This business plan can be a parameter for the lender to see if you know about the business you wish to run and if you are prepared for the possibility that anything could happen. In addition, with this plan, lender will know the kind of your business, how you plan to run this business, and where the area you will use.
5. Ability to pay
You need to show the lender that your business will have a positive cash flow if you apply for a loan to run your business instead of buying the building. If the business is a main business and you failures and ended badly, then you may will not have money to live and pay. So, you will not get these loans if lenders think that you might not be able to pay them, as you planned.
6. History of the company
If you are planning to buy an established business, the question is how much the business is going to change? If everything is the same and just different owner, then you may get a good chance at your new business, especially if the workers remain and have had more experience, this will be a positive for you and will increase your chances to get a commercial real estate loan. But if you are planning to start a business from scratch, it will be difficult for you to get these loans.
7. Appropriate training
You can negotiate a loan by writing a training period in your contract when you are planning to buy a business unfamiliar and you might not experience in this field. You can ask old business owner to provide you with the training to teach you about what you need to know about the company. Perhaps this event could take several months or a year, but the best thing is this training period will ensure you to be able to get a loan.
8. Seller loyalty
When you have decided what business you wish to run, lenders want to know if it's the right choice for you and them. If the seller is willing to take back the loan if you fail to execute the business, then it means that they are offering something of quality and worth for sale
9. Total income you have
Do you have any other income apart from the new business would you run with this loan?? If so, then this could be more attractive to lenders. People with extra income means they can pay the loan faster and when your new business was bad you still able to pay the loan.
To complete the process of commercial real estate loans take about 30 to 60 days, it all depends on how quickly you can prepare the necessary documents and submit to them. Faster you are prepared with these documents, faster you can get a loan too.
Lenders want to make sure they get the right buyers because commercial real estate loans is a competitive business. So, when you want to pay attention to your lender, then you should be ready with the necessary documents, and you need to show the lender that you are a serious buyer and are interested in commercial real estate. Just like home loans, the commercial real estate purchase process you also need to find some type of proper loan. Below are a few things you should know when you are looking for a lender for commercial real estate:
1. Fair and reasonable down payment
In many cases, it is very rare that someone can receive loans for commercial real estate with no down payment, so you have to plan in advance and at least you already have the money for a down payment when you start the loan process. Usually down payment take of 10% up to 30% of the total value of the building.
2. Having a good credit
Fee on commercial real estate are usually higher than the average home loan. Lenders may be hesitant to accept a loan if you are a person with poor credit, even if you have a lot of experience in your business. To get a commercial real estate loans you need solid credit history that used as a parameter that you are free from the possibility of bankruptcy and late payment. If you have bad credit, it is better if you make it right before you apply for these loans, to facilitate your move, you can get your FICO score at one of four these companies --TransUnion, Equifax, Experian or Innovis--. To get this loan, at least you have a FICO score above 700.
3. Have some important experience in your new business
Provide loans for commercial real estate is a risky thing for lenders, especially if you do not have the experience to the field you would do. For example, you apply for a loan is to run a salon business while you do not have previous experience in this field. This could make lenders hesitant to lend to you. So, you will be hard to get a loan if you have no experience in the field of new businesses are going to do because lender afraid that you will potentially fail at the business you wish to run.
4. Having a good business plan
One thing that you can do to make lenders impress is to have a good business plan. You also have to show them that you know how to make money and make your business succeed, no matter how much experience you in this endeavor. This business plan can be a parameter for the lender to see if you know about the business you wish to run and if you are prepared for the possibility that anything could happen. In addition, with this plan, lender will know the kind of your business, how you plan to run this business, and where the area you will use.
5. Ability to pay
You need to show the lender that your business will have a positive cash flow if you apply for a loan to run your business instead of buying the building. If the business is a main business and you failures and ended badly, then you may will not have money to live and pay. So, you will not get these loans if lenders think that you might not be able to pay them, as you planned.
6. History of the company
If you are planning to buy an established business, the question is how much the business is going to change? If everything is the same and just different owner, then you may get a good chance at your new business, especially if the workers remain and have had more experience, this will be a positive for you and will increase your chances to get a commercial real estate loan. But if you are planning to start a business from scratch, it will be difficult for you to get these loans.
7. Appropriate training
You can negotiate a loan by writing a training period in your contract when you are planning to buy a business unfamiliar and you might not experience in this field. You can ask old business owner to provide you with the training to teach you about what you need to know about the company. Perhaps this event could take several months or a year, but the best thing is this training period will ensure you to be able to get a loan.
8. Seller loyalty
When you have decided what business you wish to run, lenders want to know if it's the right choice for you and them. If the seller is willing to take back the loan if you fail to execute the business, then it means that they are offering something of quality and worth for sale
9. Total income you have
Do you have any other income apart from the new business would you run with this loan?? If so, then this could be more attractive to lenders. People with extra income means they can pay the loan faster and when your new business was bad you still able to pay the loan.
To complete the process of commercial real estate loans take about 30 to 60 days, it all depends on how quickly you can prepare the necessary documents and submit to them. Faster you are prepared with these documents, faster you can get a loan too.
Kamis, 11 Juli 2013
Simple step to do to calculate your monthly payment for a new vehicle
When you decide to replace your old car with a new car, then learn and estimate how much money you must pay each month for your new car is something that is quite difficult and takes time. This will determine whether the decision you take is right or not.
Below are the steps you can take to calculate your monthly payment for your new car:
1. Looking for information on your old car price that you will sell
You can use the internet to facilitate your move. You can find some information about the trade-in value of your old car. It is necessary to do because most brokers will buy your old car at a price lower than it should be so that they can get a greater profit. This step is also useful for you as this will affect how much money you should pay for your new car. Another advantage of the trade-in is that you do not have to pay taxes.
2. Looking for information about the original price of your new car
The second step you should do is look for information about the original price of the car you want. You can find this information from several different brokers that you can make judgments and comparisons.
3. Looking for information on predetermined average percentage rate (APR)
The next step you should do is find a company that can offer the lowest APR for you. This APR will determine the actual number of how much monthly payment you have to pay. It is important to have a predetermined APR because the company can no longer raise your loan rates. However, you should make sure that the company you are going to apply is legal.
4. Determining the amount of down payment
You can ask a financial planner to determine on how much a down payment you have to pay. You need to do this to make sure that when you pay a down payment in large numbers, it will not interfere with and or drain your financial resources. The advantage that you get if you pay a down payment in large amount is that you will get your monthly payment smaller and a lower interest rate for your new car.
5. Calculate how much your monthly payment for your new car
Currently you can do this easily and only requires a few seconds with the help of an auto loan calculator. Today many websites that provide online loan calculator. You only need to enter the data about the price of your new car, the number of months it takes to pay off the loan, your interest rate and the value of your car when the loan ends, then in a few seconds you are able to get results. The fewer cars lose value over the term of the loan, you will pay less. So you have to look for cars that keep their value in the long term.
The steps above are very easy and simple and can save your time and effort because you do not have to go to a lot of companies to get the best monthly payment for your new car. You just need to get the best quote from some online broker and counted them using a online loan calculator to determine your loan payment for a new car in a few seconds.
Below are the steps you can take to calculate your monthly payment for your new car:
1. Looking for information on your old car price that you will sell
You can use the internet to facilitate your move. You can find some information about the trade-in value of your old car. It is necessary to do because most brokers will buy your old car at a price lower than it should be so that they can get a greater profit. This step is also useful for you as this will affect how much money you should pay for your new car. Another advantage of the trade-in is that you do not have to pay taxes.
2. Looking for information about the original price of your new car
The second step you should do is look for information about the original price of the car you want. You can find this information from several different brokers that you can make judgments and comparisons.
3. Looking for information on predetermined average percentage rate (APR)
The next step you should do is find a company that can offer the lowest APR for you. This APR will determine the actual number of how much monthly payment you have to pay. It is important to have a predetermined APR because the company can no longer raise your loan rates. However, you should make sure that the company you are going to apply is legal.
4. Determining the amount of down payment
You can ask a financial planner to determine on how much a down payment you have to pay. You need to do this to make sure that when you pay a down payment in large numbers, it will not interfere with and or drain your financial resources. The advantage that you get if you pay a down payment in large amount is that you will get your monthly payment smaller and a lower interest rate for your new car.
5. Calculate how much your monthly payment for your new car
Currently you can do this easily and only requires a few seconds with the help of an auto loan calculator. Today many websites that provide online loan calculator. You only need to enter the data about the price of your new car, the number of months it takes to pay off the loan, your interest rate and the value of your car when the loan ends, then in a few seconds you are able to get results. The fewer cars lose value over the term of the loan, you will pay less. So you have to look for cars that keep their value in the long term.
The steps above are very easy and simple and can save your time and effort because you do not have to go to a lot of companies to get the best monthly payment for your new car. You just need to get the best quote from some online broker and counted them using a online loan calculator to determine your loan payment for a new car in a few seconds.
Rabu, 10 Juli 2013
Simple Steps To Use Auto Loan Calculator
Do you currently have a desire to buy a new car?? Your wish could easily come up with auto financing. This is a great option when you can get a car without requiring you to pay it in full at once. Currently there is a wide range of car loans that you can choose to suit you. However, if you still do not know much about car loan which should you choose, it helps you to know first about the payment method of the car loan. You can choose a car loan by increments, a short-term plan which means you have to pay your monthly payment in larger amounts but you can finish your car loan more quickly, or you can choose long-term plan that means the opposite, pay your monthly payments in smaller amounts but you will need more time to finish your car loan.
To make things easier when you calculate your car loan, you can use a tool called auto loan calculator which can be found online and free. With this tool you will able to calculate how much money you need to pay off your car loan at the different rates, terms and amounts. This tool also can be used to calculate other types of loans such as mortgage loans, personal loans and other types of loans.
Below are the steps you need to do to calculate your car loan by using the auto loan calculator:
1. The first step you should do is provide a connection to the internet. After that, then you can go to the Google search page and type in the word "auto loan calculator", the sooner you'll get results. Choose one that's just right. And the web is you can click on the link of auto loan calculator.
2. After the auto loan calculator appears, you may still unfamiliar to it because it was different than the regular calculator usually you use. In this tool, there are special buttons are designed to calculate car loan. Then the first thing you should do is to enter your loan amount, this amount includes taxes and other costs.
3. Next enter how long your payment time. This number will determine how much month you need to pay off your loan. Usually the repayment period varies from 3 to 7 years.
4. Next enter the interest rate for plan. You can use the current market rate to get accurate results.
5. The next step is to enter the price of the car you want. If you have paid Intial payment, the amount that you should enter is the total amount minus the initial payment.
6. The last step you should do after you enter all the values is to press the calculate button. After that you will get the results in the form of the amount you should pay each month.
If you have some plans for the car loan, you get their result with the same procedure. After all the plans you count, you can compare your plans and choose the one most beneficial to you. This tool is very useful to help you calculate your car loan, especially if compared with the regular calculator or a piece of paper and a pen.
To make things easier when you calculate your car loan, you can use a tool called auto loan calculator which can be found online and free. With this tool you will able to calculate how much money you need to pay off your car loan at the different rates, terms and amounts. This tool also can be used to calculate other types of loans such as mortgage loans, personal loans and other types of loans.
Below are the steps you need to do to calculate your car loan by using the auto loan calculator:
1. The first step you should do is provide a connection to the internet. After that, then you can go to the Google search page and type in the word "auto loan calculator", the sooner you'll get results. Choose one that's just right. And the web is you can click on the link of auto loan calculator.
2. After the auto loan calculator appears, you may still unfamiliar to it because it was different than the regular calculator usually you use. In this tool, there are special buttons are designed to calculate car loan. Then the first thing you should do is to enter your loan amount, this amount includes taxes and other costs.
3. Next enter how long your payment time. This number will determine how much month you need to pay off your loan. Usually the repayment period varies from 3 to 7 years.
4. Next enter the interest rate for plan. You can use the current market rate to get accurate results.
5. The next step is to enter the price of the car you want. If you have paid Intial payment, the amount that you should enter is the total amount minus the initial payment.
6. The last step you should do after you enter all the values is to press the calculate button. After that you will get the results in the form of the amount you should pay each month.
If you have some plans for the car loan, you get their result with the same procedure. After all the plans you count, you can compare your plans and choose the one most beneficial to you. This tool is very useful to help you calculate your car loan, especially if compared with the regular calculator or a piece of paper and a pen.
Selasa, 09 Juli 2013
Things to do to borrow money quickly
There are times when you are experiencing financial problems which makes you to have some money immediately, for example, when your car breaks down, then you need the money quickly to fix it. And if you do not have enough money to deal with it, then the options that you can consider is to make money by lending money from someone. However, you should remember that how any emergency your situation, you must continue to think rationally and do not rush into a decision. Because if you do all of this by not careful it could have been ended worse for you. You can find information around you to find a loan with the best interest rate. But if you do not have much time, then the act of taking the right decisions you have to do.
Now, the question is how you can get the money quickly?? Today many options available to you such as credit cards or bank loans. Both of these may take 1 to 2 days until the loan is accepted and you get money. The good news is there are several ways you can do to borrow money quickly. Below are some options you can use when you need to borrow money quickly and some things you should do to speed up the process:
1. Prepare documents required
The first thing you can do is to prepare a document that is usually required by most loan officers and money lending organization, such as a driver's license , pay stubs, W-2 forms, social security card, proof of address and other specific documents. The faster you prepare these documents faster the loan process. And this means that faster you can get your money.
2. Thinking rationally
Although you need the money immediately, this does not mean you have to apply for a loan to the lending institution that you first find. You need to know how much interest rate and other information about the loan. If you are wrong in choosing a loan, it could mean you'll pay many times more than it should. And you have to remember, every time you apply for a loan then your credit will be checked. If your credit is often checked in the short amount of time, it can lower your credit score and will make you difficult to find the right loan for you.
3. Consider your options
Today there are many places you can go if you need money immediately, in addition to friends and family. For example, you can apply for credit cards or bank loans. Using Internet technology, you can apply the credit card process that only takes a few minutes to get accepted.
4. Use the Internet
When you decide to apply for a credit card or a loan, it helps you take the time to search for information online about it on the company website that you want to borrow. You may find special offers. interest rate and the agreement relating to the loan. In most cases, you can apply for credit cards or loans and accepted online.
5. Find other options
Apply for credit cards and bank loans is the main option that you can use, but other than those two things there are several other options available. Suppose you have a checking account you can do overdraft. You can write a check for more money than you have in the account. Usually the bank will provide the standard interest rate for owed money. It is also a good choice because you will soon be able to earn money. In addition, you can also consider to use a secured loan if you have a collateral and your credit is not very good.
6. Consider using payday loan options
Another option that you can use when you need the money immediately is to apply for a loan in the payday loan. This option enables you to make money before the time comes to pay. This type of loan is very easy to get and a lot of people are using. However, the lack of the kind of loan is pay day on a few days away and you have to repay the loan which accompanied by excessive fees and interest. So, you should consider carefully before you use this option.
In principle, borrowing money is something simple. Some of the above options may take from a few minutes or 1 to 2 days until the money is in your hands. And if you are looking for information via internet, make sure that the company is reputable and professional. If you are unfamiliar with the company, you can check it out at the Better Business Bureau's website, on this website you can see whether the company is legitimate and whether the company is had a problem.
At some credit card companies, they allow you to activate the card quickly. This means that you can also use the card immediately. You may also use the option to borrow money from your friends or family when you are having financial problems, but even though there may be no deal, your friend deed are going to haunt you when you can not return their money quickly.
Now, the question is how you can get the money quickly?? Today many options available to you such as credit cards or bank loans. Both of these may take 1 to 2 days until the loan is accepted and you get money. The good news is there are several ways you can do to borrow money quickly. Below are some options you can use when you need to borrow money quickly and some things you should do to speed up the process:
1. Prepare documents required
The first thing you can do is to prepare a document that is usually required by most loan officers and money lending organization, such as a driver's license , pay stubs, W-2 forms, social security card, proof of address and other specific documents. The faster you prepare these documents faster the loan process. And this means that faster you can get your money.
2. Thinking rationally
Although you need the money immediately, this does not mean you have to apply for a loan to the lending institution that you first find. You need to know how much interest rate and other information about the loan. If you are wrong in choosing a loan, it could mean you'll pay many times more than it should. And you have to remember, every time you apply for a loan then your credit will be checked. If your credit is often checked in the short amount of time, it can lower your credit score and will make you difficult to find the right loan for you.
3. Consider your options
Today there are many places you can go if you need money immediately, in addition to friends and family. For example, you can apply for credit cards or bank loans. Using Internet technology, you can apply the credit card process that only takes a few minutes to get accepted.
4. Use the Internet
When you decide to apply for a credit card or a loan, it helps you take the time to search for information online about it on the company website that you want to borrow. You may find special offers. interest rate and the agreement relating to the loan. In most cases, you can apply for credit cards or loans and accepted online.
5. Find other options
Apply for credit cards and bank loans is the main option that you can use, but other than those two things there are several other options available. Suppose you have a checking account you can do overdraft. You can write a check for more money than you have in the account. Usually the bank will provide the standard interest rate for owed money. It is also a good choice because you will soon be able to earn money. In addition, you can also consider to use a secured loan if you have a collateral and your credit is not very good.
6. Consider using payday loan options
Another option that you can use when you need the money immediately is to apply for a loan in the payday loan. This option enables you to make money before the time comes to pay. This type of loan is very easy to get and a lot of people are using. However, the lack of the kind of loan is pay day on a few days away and you have to repay the loan which accompanied by excessive fees and interest. So, you should consider carefully before you use this option.
In principle, borrowing money is something simple. Some of the above options may take from a few minutes or 1 to 2 days until the money is in your hands. And if you are looking for information via internet, make sure that the company is reputable and professional. If you are unfamiliar with the company, you can check it out at the Better Business Bureau's website, on this website you can see whether the company is legitimate and whether the company is had a problem.
At some credit card companies, they allow you to activate the card quickly. This means that you can also use the card immediately. You may also use the option to borrow money from your friends or family when you are having financial problems, but even though there may be no deal, your friend deed are going to haunt you when you can not return their money quickly.
Senin, 08 Juli 2013
Things you need to know to be able to use a 401k as collateral
401k fund is a term used to refer to the retirement fund you save while you are still working. In some cases, your employer could also assist your 401k with percentages of your salary in accordance with the agreements are determined beforehand. 401k you can use to fund your retirement, and also you can use when you are in an emergency situation, such as when you need the money immediately, you can make use of your 401k as collateral for your loan. Below are a few things you should know about 401k fund:
1. When you apply for a loan in small amounts you can use a 401k as collateral. Process performed on these loans is almost the same as regular loans. What distinguishes when you use a 401k as collateral is, you can use these loans for any purpose. You also do not have to have good credit standing and fixed income to be eligible for the loan. In addition, the principal and interest will be returned to your 401k.
2. You must determine how much money you have in your 401k. You also have to determine how much loan you will apply. For this, you can seek advice from a 401k advisor about how to apply for a loan using a 401k as collateral. Another thing you should know is that when you make an early withdrawal on retirement fund, then you will be charged a penalty of 10%. You also have to consider about the tax you must pay for the amount of money you pull out of your retirement fund.
3. Understand and learn 401k loans process on companies that handle your funds. Each company usually has a different method of processing the loan. You also need to learn about the terms of the loan and what documents are required. The money from the 401k loan you can use to buy a house, pay for education costs, home repair after the disaster, funeral expenses and pay health expenses.
4. Complete the form provided and submit it to the financial advisor whose handle your company's 401k fund. You will be notified by the financial advisor on whether the form is complete and document required also completed. After that your application will be processed immediately.
5. If you have more than one 401k fun, then you can do the consolidation to combine them into one retirement fund. This you can make to get a loan with a larger amount.
6. You will be given a maximum repayment period of up to 5 years to repay your loan. But if you use the loan money to buy a house, your payment period could be extended from 10 to 15 years. Payments are made monthly or quarterly. The advantage of this loan is the interest rate that is very profitable for you that is only about 1% to 2%, it all depends on the company that handles your 401k fund. Since 401k is subject to IRS regulations, you must pay on time to avoid penalties imposed by the IRS.
As a side note, pay loan amortization on time will be very beneficial for you because it can give you a good credit rating. Credit rating will greatly help you in the future when you need to apply for a loan on qualified lenders and banking institutions.
1. When you apply for a loan in small amounts you can use a 401k as collateral. Process performed on these loans is almost the same as regular loans. What distinguishes when you use a 401k as collateral is, you can use these loans for any purpose. You also do not have to have good credit standing and fixed income to be eligible for the loan. In addition, the principal and interest will be returned to your 401k.
2. You must determine how much money you have in your 401k. You also have to determine how much loan you will apply. For this, you can seek advice from a 401k advisor about how to apply for a loan using a 401k as collateral. Another thing you should know is that when you make an early withdrawal on retirement fund, then you will be charged a penalty of 10%. You also have to consider about the tax you must pay for the amount of money you pull out of your retirement fund.
3. Understand and learn 401k loans process on companies that handle your funds. Each company usually has a different method of processing the loan. You also need to learn about the terms of the loan and what documents are required. The money from the 401k loan you can use to buy a house, pay for education costs, home repair after the disaster, funeral expenses and pay health expenses.
4. Complete the form provided and submit it to the financial advisor whose handle your company's 401k fund. You will be notified by the financial advisor on whether the form is complete and document required also completed. After that your application will be processed immediately.
5. If you have more than one 401k fun, then you can do the consolidation to combine them into one retirement fund. This you can make to get a loan with a larger amount.
6. You will be given a maximum repayment period of up to 5 years to repay your loan. But if you use the loan money to buy a house, your payment period could be extended from 10 to 15 years. Payments are made monthly or quarterly. The advantage of this loan is the interest rate that is very profitable for you that is only about 1% to 2%, it all depends on the company that handles your 401k fund. Since 401k is subject to IRS regulations, you must pay on time to avoid penalties imposed by the IRS.
As a side note, pay loan amortization on time will be very beneficial for you because it can give you a good credit rating. Credit rating will greatly help you in the future when you need to apply for a loan on qualified lenders and banking institutions.
Sabtu, 06 Juli 2013
3 Things To Calculate Your Auto Loan
If at this point you really need a car for your mobility while you do not have enough money to buy it in cash, then the options that you can do is to get the car loan. Before you apply car loan, it helps if you first calculate how much your ability for car loan:
1. Know the basics of auto loan
Before you decide to apply car loan, it is better if you know the basics of car loan. Usually the monthly payment for the car loan should not be more than 20% of your income, because there are other needs besides car loan you must meet, in addition you will need other expenses like car insurance and car maintenance costs. If the monthly payment is more than 20%, then this could cause trouble for you. Many financial advisors believe that buying a car is not a good investment, because the value of the car will drop each year and you will spend some of your money for your car.
2. Determine what kind of car you want
The second thing to be taken into account when calculating your auto loan is a type of car you want. You need to know how much money you can use for your car loan without having to disturb your needs every month. Maybe this time you will not get the car of your dreams, but at least you will be permitted to move by having an own car. If at any time you have enough money, there you could buy another car to your liking. Type of car you choose will determine your next expenses. There are some cars that cost a lot more to maintenance than other types. Besides, the type of car will also determine how much money you must pay for your car insurance. If you decide to buy a new car, the warranty will cut your spending more than if you buy a used car.
3. Calculate auto loan payments
To calculate how much your monthly payment to pay off your car loan depends on how large a down payment you have, how much the interest rate offered by banks, terms of loan you get and how much price of the car you want to buy. By providing a larger down payment, then this will mean that your monthly payment will be smaller.
In addition to the above, the price of gasoline can also be a consideration when you decide what kind of car would you buy and also to calculate your auto loan. Make sure you always think realistically when you determine what kind of car would you buy and choose a car that is not going to spend a large portion of your income every month.
1. Know the basics of auto loan
Before you decide to apply car loan, it is better if you know the basics of car loan. Usually the monthly payment for the car loan should not be more than 20% of your income, because there are other needs besides car loan you must meet, in addition you will need other expenses like car insurance and car maintenance costs. If the monthly payment is more than 20%, then this could cause trouble for you. Many financial advisors believe that buying a car is not a good investment, because the value of the car will drop each year and you will spend some of your money for your car.
2. Determine what kind of car you want
The second thing to be taken into account when calculating your auto loan is a type of car you want. You need to know how much money you can use for your car loan without having to disturb your needs every month. Maybe this time you will not get the car of your dreams, but at least you will be permitted to move by having an own car. If at any time you have enough money, there you could buy another car to your liking. Type of car you choose will determine your next expenses. There are some cars that cost a lot more to maintenance than other types. Besides, the type of car will also determine how much money you must pay for your car insurance. If you decide to buy a new car, the warranty will cut your spending more than if you buy a used car.
3. Calculate auto loan payments
To calculate how much your monthly payment to pay off your car loan depends on how large a down payment you have, how much the interest rate offered by banks, terms of loan you get and how much price of the car you want to buy. By providing a larger down payment, then this will mean that your monthly payment will be smaller.
In addition to the above, the price of gasoline can also be a consideration when you decide what kind of car would you buy and also to calculate your auto loan. Make sure you always think realistically when you determine what kind of car would you buy and choose a car that is not going to spend a large portion of your income every month.
Kamis, 04 Juli 2013
Simple Steps to Create a Loan Payment Spreadsheet or Calculator using Microsoft Excel
Usually most of the lending organization uses Microsoft Excel to calculate the loan payment scheme of any incoming applications. By using this application, they are permitted when processing data because they can automate calculating process by plotting number and the total of monthly payments, and quickly they can get the interest rate that has been calculated. Like them, you can also create your own application using Microsoft Excel. With it you can track your loans and calculate by yourself on how much you should pay. In addition, you can also plan a payment calculations for different lending, it means that you can compare and choose which best lender for your situation.
It is very easy and simple. Here are the steps you need to do:
1. Open Spreadsheet
Open spreadsheet on Microsoft Excel through the shortcut on the desktop or through the "Start" menu and then select Microsoft Excel from the program menu. Once the application is open, you will find a blank spreadsheet.
2. label
In a spreadsheet you have opened, create the label on each row with the following labels:
* Loan amount > put this label in cell A1. This label shows the principal amount of your loan.
* Annual Interest Rate > put this label on cell A2. The label is to show the annual interest rate of the lending organization will be charged for your loan.
* Monthly Interest Rate > put this label in cell A3. These labels will be used to calculate the monthly interest rate you are charged in addition to your payment plan.
* Years to Pay > put this label in cell A4. This label shows on how many years you have to pay off the principal amount.
* Total Number of Payments > put this label on cell A5. This label shows the total number of payments based on the total number of years that you take to pay back the principal amount.
* Monthly Payment Amount > put this label on cell A6. This label shows the monthly payments that you will get including the interest rate for the month.
* Total Payment > put this label on cell A7. This label shows the results of the principal amount plus the total value of the interest rate over the period of the loan.
3. Enter values
Once you finish create the label in column A, then the next step is to enter the value for each label in column B. Make sure you follow and enter a value in accordance with the instructions below:
* Cell B1 > enter the exact loan amount. For example, if you apply for a loan of $20,000, then enter that number in this cell.
* Cell B2 > enter the values associated with the annual interest rate. Format this cells to display numbers as percentages. You can do this by right-click and select percentage.
* Cell B3 > enter the formula "=B2/12" in this cell and press "enter". Value will soon appear. Format this cell to display a value into a percentage in the same way as you did in cell B2. The number that appears is showing the monthly interest rate.
* Cell B4 > enter the number of years you will take to pay off your loan.
* Cell B5 > enter the formula "=B4*12". Value that will be displayed is the total number of payments you will need to make.
* Cell B6 > enter the formula "=PMT(B1,B3,B5)". The amount will appear showing the monthly payments you will need to make including interest.
* Cell B7 > enter the formula "=B5*B6". Values shown represent the total amount you will need to pay for the loan. This amount includes the interest rate based on the total number of years that you take to pay off your loan.
This spreadsheets also allow you to calculate loans from different lenders by entering a values in column B in accordance with the labels in column A, it might help you to determine which lenders are most favorable to you. Moreover, with this simple application you can evaluate and keep track of your loan.
It is very easy and simple. Here are the steps you need to do:
1. Open Spreadsheet
Open spreadsheet on Microsoft Excel through the shortcut on the desktop or through the "Start" menu and then select Microsoft Excel from the program menu. Once the application is open, you will find a blank spreadsheet.
2. label
In a spreadsheet you have opened, create the label on each row with the following labels:
* Loan amount > put this label in cell A1. This label shows the principal amount of your loan.
* Annual Interest Rate > put this label on cell A2. The label is to show the annual interest rate of the lending organization will be charged for your loan.
* Monthly Interest Rate > put this label in cell A3. These labels will be used to calculate the monthly interest rate you are charged in addition to your payment plan.
* Years to Pay > put this label in cell A4. This label shows on how many years you have to pay off the principal amount.
* Total Number of Payments > put this label on cell A5. This label shows the total number of payments based on the total number of years that you take to pay back the principal amount.
* Monthly Payment Amount > put this label on cell A6. This label shows the monthly payments that you will get including the interest rate for the month.
* Total Payment > put this label on cell A7. This label shows the results of the principal amount plus the total value of the interest rate over the period of the loan.
3. Enter values
Once you finish create the label in column A, then the next step is to enter the value for each label in column B. Make sure you follow and enter a value in accordance with the instructions below:
* Cell B1 > enter the exact loan amount. For example, if you apply for a loan of $20,000, then enter that number in this cell.
* Cell B2 > enter the values associated with the annual interest rate. Format this cells to display numbers as percentages. You can do this by right-click and select percentage.
* Cell B3 > enter the formula "=B2/12" in this cell and press "enter". Value will soon appear. Format this cell to display a value into a percentage in the same way as you did in cell B2. The number that appears is showing the monthly interest rate.
* Cell B4 > enter the number of years you will take to pay off your loan.
* Cell B5 > enter the formula "=B4*12". Value that will be displayed is the total number of payments you will need to make.
* Cell B6 > enter the formula "=PMT(B1,B3,B5)". The amount will appear showing the monthly payments you will need to make including interest.
* Cell B7 > enter the formula "=B5*B6". Values shown represent the total amount you will need to pay for the loan. This amount includes the interest rate based on the total number of years that you take to pay off your loan.
This spreadsheets also allow you to calculate loans from different lenders by entering a values in column B in accordance with the labels in column A, it might help you to determine which lenders are most favorable to you. Moreover, with this simple application you can evaluate and keep track of your loan.
Langganan:
Postingan (Atom)